• EURCAD under bullish pressure
• Likely to rise to resistance level 1.5440
EURCAD under bullish pressure today after this currency pair reversed up from the support area lying at the intersecting of the strong support level 1.5275 (former monthly low from the middle of January) and the lower daily Bollinger band. The upward reversal from this support area stopped the previous short-term impulse waves (iii) and 3 – which belongs to the higher-level downward impulse wave (C) from December.
Given the strength of the support level 1.5275 and the strongly bearish Canadian dollar sentiment seen across the currency markets today – EURCAD currency pair is likely to rise further toward the next round resistance level 1.5440 (top of the previous correction (ii)).