EURCAD currency pair be expected to rise further toward the next resistance level 1.5150 (which stopped the previous waves 1 and b).
– EURCAD broke strong resistance area
– Likely to rise to resistance level 1.5150
EURCAD currency pair recently broke through the strong resistance area located between the key resistance level 1.5050 (which stopped the previous sharp impulse wave i at the start of September, as can be seen from the daily EURCAD chart below) and the 50% Fibonacci correction of the downward ABC wave 2 from the start of August. The breakout of this resistance area accelerated the active short-term impulse wave 3 of the multi-month upward impulse sequence (3) from the start of February.
Given the prevailing daily uptrend and the strongly bullish euro sentiment that can be seen across the FX markets today, EURCAD currency pair be expected to rise further toward the next resistance level 1.5150 (which stopped the previous waves 1 and b).
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