EUR/CAD: buy targets - 1.5200 and 1.5400
By: Dmitriy Chernovolov
- EUR/CAD reversed from support zone
- Next buy targets - 1.5200 and 1.5400
EUR/CAD continues to rise inside the (c)-wave of the minor B correction, which belongs to the intermediate ABC correction (B) from the end of August. This (c)-wave started earlier this month – when EUR/CAD reversed up from the combined support zone lying between the support level 1.4700 (which reversed earlier wave A), the support trendline of the daily up channel from April, lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous upward impulse from the end of May.
EUR/CAD is likely to rise further toward the next buy target at the resistance level 1.5200 – the breakout of which can lead to further gains toward 1.5400.