EUR/CAD: Trade ideas for Sep. 15
The EURCAD has had a bullish momentum above the 200 EMA (green line), for what this pair is trying to form a higher high pattern below the resistance level of 1.4379. However, it is likely the EURCAD begins to make a bearish retracement to the support level of 1.4247, where is located the 50.0 Fibo retracement level.
If the EURCAD made a rebound on that level, it would be expected to rise once again to the level of 1.4379. However, if this pair make a breakout in that resistance level, the next goal would be the level of 1.4415 in the short term. The RSI indicator is in overbought zone above the 70 level.
Trading recommendations: Place buy orders if the EURCAD does a rebound at the support level of 1.4247, with take profit at 1.4379.