New Bullish update on EUR/CAD
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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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.