FxWirePro: EUR/CAD extends break above weekly cloud, eyes 61.8% Fib at 1.5619

EUR/CAD chart on Trading View used for analysis

• EUR/CAD opened with a bearish gap and is currently trading 0.26% lower on the day at 1.5487 at the time of writing.
   
• The pair has edged lower from fresh 6-month highs at 1.5550 and we see some consolidation at current levels.
   
• Bias remains bullish as long as the pair holds above 200-DMA and we see scope for test of 61.8% Fib at 1.5619.
   
• Weekly charts also support upside in the pair. Price action has broken above weekly cloud.
   
• Retrace below 200-DMA can see dip till daily cloud. Violation there to see further weakness.

Support levels - 1.5454 (5-DMA and 50% Fib), 1.5235 (200-DMA)

Resistance levels - 1.5619 (61.8% Fib), 1.5714 (Apr 25 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.