EURCAD Sell limit

EURCAD

EURCAD has been bullish for the last few weeks giving us a beautiful uptrend for 260 pips on our last trade. Recent price action has created a few rejections on the 1-hour time frame creating a microstructural resistance level. Suppose price manages to pull back to the previously broken level of resistance and fails to break above. We could see a reversal in EURCAD to the next level of support that aligns with the .50 fib.

If the bullish momentum is really strong this could be another bull flag forming.