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EURCAD reversed from 1.4420 support area ; Likely to rise to 1.7400

 

EURCAD yesterday reversed up sharply win the daily Morning Star from the support area lying between the key support level 1.4420 (which stopped the previous sharp impulse wave (i) in August) and the lower daily Bollinger Band. The upward reversal form this support area started the active short term corrective wave (ii). Given the clear bullish divergence on the daily Stochastic indicator, EURCAD is likely to extend the gains toward the next resistance level 1.7400 (top of the previous short-term correction (ii) from last month). Strong support now stands at the aforementioned support level 1.4420.

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