EURCAD Wave Analysis – 7 November, 2022

• EURCAD reversed from key support 1.3280

• Likely to rise to resistance level 1.3520

EURCAD under the bullish pressure after the earlier upward reversal from the key support 1.3280 (former strong resistance from July and August) – standing near the lower daily Bollinger Band.

Upward reversal from the key support 1.3280 created the daily Hammer, which started the active short-term impulse wave 3- which belongs to wave (C) from September.

Given the strong euro gains, EURCAD can be expected to rise further toward the next resistance level 1.3520.