• EURCAD reversed from support zone
• Likely to rise further
EURCAD recently broke below the support zone lying between the key support level 1.5300 (which stopped the previous waves (a) and (b), as can be seen below) and the 38.2% Fibonacci correction of the upward impulse 1 from the end of May.
The breakout of this support zone should accelerate the active short-term impulse wave (c) which belongs to the ABC correction 2 from June.
EURCAD is likely to fall further and re-test the next support level 1.5150 (former support from June and the target for the completion of wave 2).