- EUR/CAD has retraced from session highs at 1.5325, finds stiff resistance at 21-EMA at 1.5329.
- The pair is trading 0.25% higher on the day at 1.5296 at the time of writing.
- The pair has failed to close below 1.52 handle and has shown a 'Doji' formation on last Friday's trade, raising scope for further upside.
- Technical indicators for the pair are turning slightly bullish. RSI is biased higher and Stochs are on verge of rollover from oversold levels.
- Price action has broken above 50-DMA and is testing daily cloud. Break above 21-EMA could see further upside.
- On the flipside, breakout below 5-DMA could see test of 61.8% Fib at 1.5095.
Support levels - 1.5296 (50-DMA), 1.5259 (5-DMA), 1.52, 1.5095 (61.8% Fib)
Resistance levels - 1.5329 (21-EMA), 1.5342 (200-DMA), 1.5446 (100-DMA)
Recommendation: Stay long on breakout at 21-EMA, target 100-DMA at 1.5446.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 73.4201 (Neutral), while Hourly CAD Spot Index was at -21.9846 (Neutral) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
