EURCAD: ⬆️ Buy
– EURCAD reversed from support zone
– Likely to rise to resistance level 1.6100
EURCAD currency pair earlier reversed up from the support zone between the key support level 1.5950 (former monthly high from April), 20-day moving average and the 38.2% Fibonacci correction of the upward impulse from May.
The upward reversal from this support zone started the active minor impulse wave iii – which belongs to the intermediate impulse wave (3) from the end of 2024.
Given the overriding daily uptrend, EURCAD currency pair can be expected to rise to the next resistance level 1.6100 (which stopped the previous impulse wave i in June).
Source: Fxpro
