• EURCAD reversed from support area
• Further gains likely toward 1.4700

EURCAD recently reversed up from the combined support area lying at the intersection of the key support 1.4575 (which reversed the previous waves 1 and (b) in July), lower daily Bollinger Band and the support trendline of the daily down channel from March. This upward reversal stopped the previous short-term impulse waves (iii) and 3 of the multi-month downward impulse sequence (3) from March. With the moderately bullish EUR sentiment seen across the markets, EURCAD is likely to extend its gains
toward the next pivotal resistance level 1.4700 (former strong resistance from July – which also served as powerful support during August). Buy stop can be placed below the strong support level 1.4575.