• EURCAD reversed from major support level 1.4500
• Further gains likely toward 1.4700
EURCAD rising steadily from today’s open – following the earlier sharp upward reversal from the powerful support area lying between the multi-year support level 1.4500 (which reversed the price multiple times in the
middle of 2017, as can be seen from the weekly EURCAD chart below) and the lower weekly Bollinger Band. With the weekly Stochastic still in the oversold area and the moderate bearish sentiment affecting the Canadian
Dollar today – EURCAD is likely to extends its gains toward the next resistance level 1.4700 (top of the previous short-term corrective wave (iv) from the start of September). Strong support barrier remains at the support level 1.4500.