FxWirePro: EUR/CAD momentum studies bullish, on track to test 78.6% Fib at 1.56, stay long

• EUR/CAD trades with a bullish momentum, breaks 61.8% Fib at 1.5218, bias higher.
   
• The pair is trading a narrow range on the day, consolidating upside at 18-month highs hit on Nov 30 trade.
   
• Technical studies bullish, the pair is on track to test 78.6% Fib retrace of 1.6105 to 1.3783 fall at 1.5608.
   
• Breakout of 'Symmetric Triangle' pattern has raised scope for further gains.
   
• The pair has breached 1.5281 (Nov 2016 high) and now finds next resistance at 1.5560 (Aug 24, 2015 week high).
   
• 5-DMA at 1.5258 is immediate support, we see minor weakness on break below.

Support levels - 1.5259 (5-DMA), 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide), 1.5120 (trendline)

Resistance levels - 1.5560 (Aug 24, 2015 week high), 1.5608 (78.6% Fib retrace of 1.6105 to 1.3783 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-breaks-618-Fib-at-15218-bias-higher-stay-long-1034075) has hit all targets.

Recommendation: Book partial profits, trail stop loss to 1.5255, hold for 1.54/ 1.55/ 1.5560/ 1.56.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 38.5347 (Neutral), while Hourly CAD Spot Index was at 27.4242 (Neutral) at 0800 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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