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Elliott Wave Analysis: EURCAD at Interesting Levels; More Weakness in View

Let’s take a look at daily chart of EURCAD. What we see is a leading diagonal into wave A/1 from highs and a current recovery since the beginning of October definitely looks slow and corrective. But, the most important part is that price can be approaching strong resistance area between 50% and 61,8% Fibo. retracement and 1.54 – 1.56 levels. So, we should be aware of a decline soon, especially if Crude oil finds support. If we are correct, then this could prove to be a very nice bearish setup for the upcoming months.

EURCAD, Daily