EUR/CAD falling inside c-wave

7 September 2016, 01:24
Eko Rediantoro
  • EUR/CAD falling inside c-wave
  • Next sell target - 1.4300

EUR/CAD has been falling in the last few trading sessions inside the c-wave of the minor ABC correction (ii) from the start of August. The active c-wave started when the pair reversed down from the resistance zone lying between the pivotal resistance level 1.4670 (which stopped the earlier impulse wave (i)), upper daily Bollinger Band and the 61.8% Fibonacci retracement of the previous downward impulse from the start of April.

EUR/CAD is expected to fall down further in the active c-wave toward the next sell target at the powerful support level 1.4300 (which earlier reversed the pair sharply in June, as can be seen below).

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