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EURCAD: Detailed Technical OutlookđŸ‡ȘđŸ‡ș🇹🇩

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Euro / Kanadensisk dollar (OANDA:EURCAD)  
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OANDA:EURCAD   Euro / Kanadensisk dollar
Parallel Channel Rectangle Elliott Wave EURCAD euro CAD canadiandollar EUR swing swingtrading swingtrader Contains image
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Here is the wave analysis for EURCAD.

The market is currently consolidating with a horizontal trading range on a weekly, after a strong bullish impulse.
1.46 - 1.465 is the resistance of the range,
1.423 - 1.43 is its support.

The upper boundary of the range matches perfectly with a key weekly resistance.

Depending on the reaction of the price to the boundaries of the range, I see 2 potential scenarios:
If the price breaks and closes above the resistance of the range, one more bullish wave will be expected.
While, a bearish breakout of the support of the range will most likely initiate a correctional movement.

Wait for a breakout and then follow the market.

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