EURCAD is in a bullish trend with formations being higher highs and higher lows. This means, the trend is bullish and the market will make another bullish impulse upwards for the market to form a new high. We are looking to buy the pair at the mid level of the range and between resistance and support.

There are two trendlines currently in play. Both have tested the price action with the wicks and the market has the potential to reject these with the bullish price action.

The retracement level of 61.8% is between the resistance and support. This level can play out magnificently for the the mark up.

The EMA 50 is still bullish as well. This bullish EMA 50 is still steep and has the upward marking meaning, the bullish trend is still strong.

RSI is at 62. This RSI needs to be neutralized at the 50 level along with other technical factors for the confluence.

EURCAD buys from 1.3780

Nov 17 2022