EUR/CAD Price Prediction: Extending up leg within range

EUR/CAD appears to be extending a final third c wave of an abc pattern.
The pair is trading within a range and such a move would take price up to the range ceiling.

Joaquin Monfort FXStreet

EUR/CAD appears to be extending the final “c wave” of an abc “zig-zag” price pattern within the confines of a multi-month range (see chart below).

Assuming the up leg extends as expected it should reach a length that is equal to the length of wave “a” or a Fibonacci 61.8% extension of a. This suggests an initial target at 1.5045 followed by 1.5088 in a bullish scenario.

EUR/CAD 4-hour Chart

A break above 1.5045 would confirm the move up to 1.5088.

The Moving Average Convergence Divergence (MACD) momentum indicator has risen above the zero line and is mildly supportive of the bullish outlook.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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