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- EUR/CAD has resumed upside after brief consolidation in the previous session.
- Downside has held trendline break at 1.5940 levels, momentum bullish.
- The pair is extending upside after decisive break at channel top resistance at 1.57.
- Price action holds above major moving averages and RSI is nicely converging with price action.
- MACD is above zero and biased higher which supports uptrend in the pair.
- We see scope for test of channel top at 1.6835 and we see bullish invalidation on decisive break below 200-DMA.
Support levels - 1.5960 (trendline), 1.5928 (5-DMA), 1.5691 (1W-SMA)
Resistance levels - 1.6105 (Jan 2018 high), 1.6360 (trendline), 1.6703 (trendline), 1.6835 (channel top)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-breaks-channel-top-at-157-eyes-161-levels-stay-long-1185177) is progressing well.
Recommendation: Bias higher, stay long.
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