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 41. Market needs to hop above the neutralized levels of 50 in order to mark the bullish direction for the market along with the technicals.

EURCAD beautiful buys

Jan 04 2023