EURCAD recently reversed up from the support area located between the multi-month support level 1.53250 (which has been reversing this currency pair from the start of November as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support area started the active minor impulse wave 3. Given the strength of the support area surrounding the support level 1.53250 and the rising bullish Euro sentiment see across the FX markets today – EURCAD currency pair is likely to rise further toward the next resistance level 1.55000.