EURCAD Wave Analysis – 27 August, 2020

• EURCAD broke support level 1.5510

• Likely to fall to 1.5360

EURCAD today broke the support level 1.5510, intersecting with the 50% Fibonacci correction of the upward impulse 1 from June.

The breakout of the support level 1.5510 accelerated the active impulse wave (c) – which belongs to the ABC correction 2 from the end of July.

EURCAD is likely to fall further toward the next support level 1.5360 (low of the previous minor corrective wave (iv) and the target for the completion of the active wave 2).