EUR/CAD: sell targets - 1.4200 and 1.4100
By: Dmitriy Chernovolov
- EUR/CAD falls inside intermediate ABC correction (2)
- Next sell targets - 1.4200 and 1.4100.
EUR/CAD has been falling strongly in the last few trading sessions inside the minor impulse wave (iii) – which belongs to the C-wave of the intermediate ABC correction (2) from the end of August. The active C-wave earlier broke the support trendline of the daily up channel from the end of May and the support level 1.4600 (which stopped previous waves (iii) and A, as you can see below). This double breakout intensified the bearish pressure on this currency pair.
EUR/CAD is likely to fall further in the active waves (iii), C and (2) toward the next sell targets at the support levels 1.4200 and 1.4100.