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EUR/CAD chart on Trading View used for analysis
- EUR/CAD pivotal at 'Wedge Top' at 1.5145, breakout to propel the pair higher.
- The pair is extending upside for the 5th straight session, but is trading in a narrow range on the day.
- Price action is above daily cloud, and technicals are biased higher which keep scope for further gains.
- Data from the European Union on Thursday was not very supportive. German inflation missed expectations, while the EU Consumer Confidence Index remained depressed at -3.9 in November.
- Economic Sentiment Indicator fell to 109.5 from a downwardly revised 109.7, better, however, than the 109.00 expected.
- For today, German Retail Sales and EU preliminary November inflation data awaited for further impetus.
- Bullish continuation eyes 200-DMA at 1.5293. Retrace below daily cloud negates bullish bias.
Recommendation: Stay long on breakout at 'Wedge Top' at 1.5145, target 1.5285.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
