EURCAD currency pair is in a massive rally since August 2022 and the main reason is strong EUR currency and bearish oil market, which has weakened Canadian dollar. Looking at EURCAD 4H chart, we can see it unfolding a bullish impulse, which should be made by five waves in Elliott wave theory.
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After recent impulsive five-wave bullish cycle of the lower degree within extended wave 3 and above base channel resistance line, we can now see it slowing down within a three-wave a-b-c pullback for wave 4 that can retest base channel resistance line as a support before a bullish continuation within wave 5. Ideal support is around 1.42 – 1.41 area.
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If you want to know where we think EUR can move vs USD in 2023 check our 2023 Elliott Wave Video Forecast Below
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