FxWirePro: EUR/CAD pivotal at 'Wedge Top', breakout to propel the pair higher

EUR/CAD chart on Trading View used for analysis

• EUR/CAD pivotal at 'Wedge Top' at 1.5145, breakout to propel the pair higher.
   
• The pair is extending upside for the 5th straight session, but is trading in a narrow range on the day.
   
• Price action is above daily cloud, and technicals are biased higher which keep scope for further gains.
   
• Data from the European Union on Thursday was not very supportive. German inflation missed expectations, while the EU Consumer Confidence Index remained depressed at -3.9 in November.
   
• Economic Sentiment Indicator fell to 109.5 from a downwardly revised 109.7, better, however, than the 109.00 expected. 
   
• For today, German Retail Sales and EU preliminary November inflation data awaited for further impetus.
   
• Bullish continuation eyes 200-DMA at 1.5293. Retrace below daily cloud negates bullish bias.  

Recommendation: Stay long on breakout at 'Wedge Top' at 1.5145, target 1.5285.

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