USD/CAD: 55 Moving Average acting as support
There's a bullish 'Hammer', which has been confirmed by the following 'Three Methods' pattern. In this case...
EUR/CAD broke support area
- EUR/CAD broke support area
- Next sell target - 1.4540
EUR/CAD today broke below the support area lying between the support level 1.4750 (which stopped the previous sharp minor impulse wave 1 in the middle of June, as can be seen below) and the 38.2% Fibonacci correction of the upward intermediate ABC correction (2) from February. EUR/CAD is expected to fall to the next sell target at the next support level 1.4540 (former resistance level from March, intersecting with the 50% of the aforementioned ABC correction (2)). Expect the pair to correct up after reaching this target.
Dmitry Chernovolov
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