EUR/CAD bias bullish after breakout above 50-DMA at 1.4123 on Jan 19th trade.
The pair is on track to test 100-DMA at 1.4387, bullish invalidation only on close below 50-DMA.
Technical studies support upside in the pair. RSI strong at 65, bullish crossover on MACD and ADX points north in support of trend.
Breakout above 100-DMA could see test of 200-DMA at 1.4445 and then 1.4680 (Apr 18 high)
Support levels - 1.4160 (5-DMA), 1.4109 (50-DMA), 1.4053 (20-DMA)
Resistance levels - 1.4387 (100-DMA), 1.4445 (200-DMA), 1.4755 (Nov 11 high)
Good to go long on dips around 1.4255/65, SL: 1.41, TP: 1.4387/ 1.4445/ 1.45
The pair is on track to test 100-DMA at 1.4387, bullish invalidation only on close below 50-DMA.
Technical studies support upside in the pair. RSI strong at 65, bullish crossover on MACD and ADX points north in support of trend.
Breakout above 100-DMA could see test of 200-DMA at 1.4445 and then 1.4680 (Apr 18 high)
Support levels - 1.4160 (5-DMA), 1.4109 (50-DMA), 1.4053 (20-DMA)
Resistance levels - 1.4387 (100-DMA), 1.4445 (200-DMA), 1.4755 (Nov 11 high)
Good to go long on dips around 1.4255/65, SL: 1.41, TP: 1.4387/ 1.4445/ 1.45