Currency Analyst since 2010

EUR/CAD: trade reсommendations

By Felipe Erazo

The EURCAD is trying to form a lower high pattern below the 23.6 Fibo level (1.4602). It is very likely that this pair make a bearish retracement level of support until 1.4546, where is located the 50.0 Fibo level. If the EURCAD manages to make a rebound at this level, it would be expected to go up to resistance level of 1.4651.

In the bullish road, if this pair manages to consolidate above the 61.8 Fibo extension level (1.4677), the next target would be the resistance level of 1.4757, which is above the 200 EMA. For now, the bullish momentum is dominating the EURCAD, so it is advisable to continue following the bullish trend in the H4 chart.

Trading recommendations: Place buy orders if the EURCAD does a breakout at the resistance level of 1.4677, with take profit at 1.4757. Also, you can place buy orders if the pair does a rebound at the 50.0 Fibo level (1.4646).

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