EUR/CAD: sell targets - 1.3400 and 1.3000
By: Dima Chernovolov
- EUR/CAD reversed from pivotal resistance level 1.3750
- Next sell targets - 1.3400 and 1.3000
EUR/CAD continues to fall after the pair earlier reversed down from the pivotal resistance level 1.3750 (which has been steadily reversing this currency pair from the middle of March). This resistance level is also the former strong support level which reversed the previous sharp downward impulse wave 1 in the middle of January (as you can see from the daily EUR/CAD chart below). The resistance zone near 1.3750 is strengthened by the former support trendline of the recently broken daily down channel from last year (acting as resistance now after it was broken).
EUR/CAD is likely to fall further inside the active minor corrective B-wave toward the next sell targets 1.3400 and 1.3000.