EURCAD is in a bullish trend with the higher highs and higher lows structure formed. The market has the potential to tap the market at the nearest resistance. We will be looking to buy the pair at the support level, which is also a demand level priced at 1.4370. This level if respected with a bullish price action will pull the market up at the resistance.

The descending trendline has broken out for buys and the candles have validated the bullish pressure. 

The retracement level of 61.8% is in confluence with the support level and the market has the potential to tap the retracement level of 1 which is the previous top/resistance level.

The EMA is still bearish but the market is hovering around the EMA 50 like an eagle. The ranging market has the potentail to break on either of the sides. Most probably, the market will scale up breaking the EMA 50.

RSI is at 56. The 50 level is the neautralized level where we want the market to tap in order for the market to align with other technical factors and continue moving up.

EURCAD buys from 1.4370

Dec 29 2022