• EURCAD broke support area
• Likely to fall to support level 1.5300
EURCAD currency pair recently broke the support area lying between the key support level 1.5400 (former monthly low from the middle of December) and the support trend of the long-term Triangle chart pattern from the start of June. The breakout of the support level 1.5400 should accelerate the impulse wave C – which belongs to the medium-term ABC correction (2) from the end of last month.
Given the strength of the active bearish sentiment affecting the euro – EURCAD currency pair is expected to fall toward the next support level 1.5300 (former monthly low from November and the target price for the competition of the active impulse wave C).