New Bullish update on EUR/CAD
Updated
The EURCAD is currently trending inside an ascending wedge pattern that technical traders take as a bearish reversal pattern.
However, the pair just hit an intraday demand area (bottom) which has been consistent for an immediate bullish push-back to touching the pre-existing supply zone (top).
The current triple bottom also indicated a divergence in price which technical traders could use in pushing the price a little bit up again.
Alternatively, a break below the demand area could initiate a further sell off towards Jan low at 1.4230.
Traders may keep a close eye on the EURCAD.
However, the pair just hit an intraday demand area (bottom) which has been consistent for an immediate bullish push-back to touching the pre-existing supply zone (top).
The current triple bottom also indicated a divergence in price which technical traders could use in pushing the price a little bit up again.
Alternatively, a break below the demand area could initiate a further sell off towards Jan low at 1.4230.
Traders may keep a close eye on the EURCAD.
Note
The result is out with the help of CAD Employment rate - EURCAD
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