EURCAD - ABC correction

EURCAD (D) - medium term bullish bias

The euro seems to have reached the bottom after three attempts at 1.4440 - the low from September 2017. The bullish RSI divergence first signalled a deceleration in the downward momentum. Then the break above 1.4680 gave buyers confidence to get in on pullback at the 61.8% (1.4555) Fibonacci retracement level. As the price gets back to 1.4700, we may expect this to be the wave B as part of an ABC corrective pattern, with 1.4810 as the immediate target.

Key support: 1.4550
Key resistance: 1.4810