• EURCAD reversed from support zone
• Likely to rise to resistance level 35500.00
EURCAD currency pair recently reversed up from the support area located between the key support level 1.4835 (which has been reversing the price from the end of August, as can be seen from the daily EURCAD chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous intermediate impulse wave (3) from the middle of September – which started from the major resistance level 1.5100.
Given the strength of the aforementioned support area and the rising Canadian dollar bearishness on oil prices stopping the earlier sharp gains, EURCAD currency pair can be expected to rise further toward the next resistance level 1.5100.