- EUR/CAD is trading in a narrow range on the day, upside is capped at minor trendline resistance at 1.5225.
- Price has bounced of rising 'Wedge base' at 1.4818 and is extending upside for 5th straight session.
- The pair is extending upside after break of 20-DMA at 1.5073, bias still higher.
- Price action has broken above daily Ichimoku cloud which is now strong support at 1.51 levels.
- Breakout at minor trendline resistance at 1.5225 to see test of Wedge top at 1.54 levels.
Support levels - 1.51 (cloud top), 1.5073 (20-DMA), 1.5066 (5-DMA)
Resistance levels - 1.5225 (minor trendline), 1.53 (Dec 20 high), 1.54 (Wedge top)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-Trade-Idea-1094896) has hit TP1/2.
Recommendation: Book partial profits. Watch for break at minor trendline resistance at 1.5224 for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 144.462 (Bullish), while Hourly CAD Spot Index was at -86.0986 (Bearish) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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