EUR/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.4987, 1.5210, 1.5312
Key Support Levels: 1.4915, 1.4796, 1.4715
The pair is trading inside a bearish channel formation where we can see that the price is posting lower lows and highs. The price reached the lower end of this channel and it is rejected by a strong support around the 1.4796 USD level.
EUR/CAD Medium-Term Trend: Bullish
On the 4-hr time frame, the price managed to break the higher end of the channel and posted an inverse head and shoulders. As well, the price managed to break the bullish flag formation to the upside. Our expectation is a lower correction to the 1.4915 USD level, and then a pump upward to the 1.5063 USD mark.
Buy Limit Order @ 1.4914
TP 1 @ 1.5056
TP 2 @ 1.5222
Stop Loss @ 1.4849
Trade Safely 🙂