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EURCAD recently reversed up from the support zone located between the support level 1.52150 (low of the previous sharp correction (a) from the middle of March), lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse (i) from February. Given the proximity of the aforementioned support zone and the moderately bearish Canadian dollar sentiment seen across the markets today – EURCAD is likely to rise further toward the next resistance level 1.54000.
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