Currency Analyst since 2010

EUR/CAD: sell targets

Dima Chernovolov

• EUR/CAD fall inside intermediate impulse (3)

• Next sell targets - 1.3900 and 1.3800

EUR/CAD has been under significant bearish pressure lately – after the pair reversed down from the resistance zone lying between the resistance levels 1.4600 and 1.4400 (this resistance zone has been reversing the pair from last October, as you can see below). This resistance area was also strengthened by the upper daily Bollinger Band, the 38.2% Fibonacci Correction of the earlier downward impulse from March and by the upper resistance trendline of the daily down channel from August. The downward reversal form this resistance area marked the end of the previous intermediate ABC correction (2) from January.

EUR/CAD is expected to fall further in the active intermediate impulse (3) to the next sell targets 1.3900 and 1.3800 (which stopped the previous intermediate impulse (1) in January).

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