- EUR/CAD is consolidating a break above 100-DMA on Friday's trade, slips below to close at 1.5455.
- The pair brushes aside potential shooting star formation on the daily candle, edges higher.
- Price action rages within the cloud and is extending gains above 200-DMA.
- Technical indicators are biased higher and decisive break above 100-DMA raises scope for test of 61.8% Fib at 1.5688.
- The pair trades with a bullish momentum. RSI shows strength at 66 levels with room to run further.
- MACD supports upside and we see +ve DMI crossover on -ve DMI which adds to the bullish bias.
- On the downside we see minor weakness on break below 5-DMA at 1.5485. Retrace below 200-DMA invalidates bullish bias.
Support levels - 1.55, 1.5485 (5-DMA), 1.5393 (200-DMA)
Resistance levels - 1.56, 1.5688 (61.8% Fib). 1.57
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-hovers-around-100-DMA-test-of-618-Fib-likely-on-break-above-1386819) is proceeding well.
Recommendation: Hold for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 123.169 (Bullish), while Hourly CAD Spot Index was at -93.0896 (Bearish) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
