EURCAD currency pair recently broke sharply below the key support level 1.50600 (former multi-month support level from May and June of 2020). The breakout of the support level 1.50600 accelerated the active impulse wave 5 – which belongs to the medium-term downward impulse wave (C) from the end of December. Having recently broken the daily down channel from December and given the strong bullish sentiment affecting the Canadian dollar today – EURCAD currency pair can be expected to fall further toward the next support level 1.49000 (target price for the completion of the active impulse wave 5).
