EUR/CAD: buy target - 1.5200
By: Dmitriy Chernovolov
- EUR/CAD reached buy targets 1.4800 and 1.4900
- Next buy target - 1.5200
EUR/CAD has been rising sharply in the last few trading sessions – breaking through the two consecutive resistance levels 1.4800 and 1.4900 – both of which were set as the buy targets in our earlier forecast for this currency pair. The breakout of these resistance levels further accelerated the active intermediate (C)-wave from the start of December – which is indicated by the rising daily Momentum indicator.
The pair is currently approaching the round resistance level 1.5000. If the price breaks above this price level - EUR/CAD can then rise toward the next buy target at the resistance level 1.5200 (which stopped the B-wave of the previous ABC correction (B) from August).