- EUR/CAD has broken above 78.6% Fib and is currently trading at 1.4823.
- The pair has seen a nice bounce after formation of 'Bullish Butterfly' pattern.
- Our previous call (http://www.econotimes.com/FxWirePro-Bullish-Butterfly-formation-on-EUR-CAD-dailies-good-to-long-dips-364170) has achieved all targets.
- Break above 1.4835 likely to see resumption of upside in the pair.
- Major support levels - 1.48, 1.4783 (78.6% Fib), 1.4728 (5-DMA), 1.4711 (cloud top), 1.4662 (200-DMA)
- Major resistance levels - 1.4835 (trendline), 1.4851 (Oct 10 high), 1.4893 (Oct 7 high)
Recommendation: Good to go long on breakout above 1.4835, SL: 1.4780, TP: 1.4893/ 1.49/ 1.4925
