• EUR/CAD reversed from support zone
• Likely to rise further
EUR/CAD recently reversed up from the support zone lying between support level 1.5200 (previous resistance from May), upper trendline of the recently broken down channel from March and the 38.2% Fibonacci correction of the previous upward impulse from May.
The upward reversal from this support zone is aligned with the active medium-term impulse wave (C) from the end of May.
EUR/CAD is likely to rise further toward the next resistance level 1.5450 (top of the previous wave (b) and the former support level from April).