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FxPro Forex Analysis: EURCAD Wave Analysis – June 7, 2018

EURCAD broke resistance zone
• Further gains are likely

EURCAD recently broke the resistance zone lying between the key resistance level 1.5200 (which has been reversing the price from the middle of May) and resistance trendline of the daily down channel from March.

The breakout this resistance accelerated the active medium-term impulse wave (1) – which is the part of the recently started upward impulse sequence ③ from the end of May.

EURCAD is expected to continue to rise and re-test the next strong resistance level 1.5450 (former support from April, which stopped the previous short-term correction (b)).

EURCAD - Primary Analysis - Jun-07 1314 PM (1 day)

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