EUR/CAD: buy target - 1.5000
By: Dmitriy Chernovolov
- EUR/CAD reversed from support zone
- Next buy target - 1.5000
EUR/CAD continues to rise strongly – following the earlier sharp upward reversal from the support zone lying at the intersection of the support level 1.4600 which also reversed the previous A-wave in September), the lower daily Bollinger Band, 38.2% Fibonacci Correction of the previous extended upward C-wave from April and the support trendline of the daily up channel from May. The upward reversal from this support zone created the daily Japanese candlestick reversal pattern Hammer.
The price is likely to rise further in the active minor correction (ii) toward the next buy target at the round resistance level 1.5000.