EUR/CAD Long-Term Trend: Bullish
Key Resistance Levels: 1.48945, 1.50960, 1.51000.
Key Support Levels: 1.47723, 1.46689, 1.46680.
The price on the higher time frame failed to break a daily support around the 1.46689 USD mark which led to a reversal and a move upward. The price succeeded to break the strong resistance and retraced to it. This could lead to a move upward again in the same direction of the main trend.
EUR/CAD Medium-Term Trend: Bullish
On the lower time frame, the price is bouncing inside a bullish channel formation where a bullish engulfing pattern has been left showing that the buyers are in control. The price as well found buyers around the lower end of this channel which led to a continuation of the trend to the upside. A lower correction could be seen before the bullish impulsive wave.
Buy Limit Order @ 1.47750
TP 1 @ 1.48923
TP 2 @ 1.48945
Stop Loss @ 1.47359
Trade Safely 🙂