EUR/CAD: buy targets - 1.4250 and 1.4300
By: Dmitriy Chernovolov
- EUR/CAD reversed from support area
- Next buy targets - 1.4250 and 1.4300
EUR/CAD continues to rise after the pair earlier reversed up strongly from the combined support area lying between the support level 1.4000 (former resistance level, which was set as the buy target in our previous forecast for this currency pair), the 50% Fibonacci Correction of the earlier minor impulse wave 1 and the support trendline of the wide daily up channel from April. The upward reversal from this support zone created the daily Morning Star.
EUR/CAD is likely to rise further toward the next buy targets 1.4250 (which stopped the previous minor impulse wave 1) and 1.4300.