EURCAD → One step away from a rally. High chance to break 1.5100
Updated
EURCAD exited from the accumulation of the “descending triangle” format, which is a favorable signal for the continuation of the trend. A promising bullish structure is forming on W1.
Euro, despite the ECB interest rate cuts, is growing and the growth is mostly related to the dollar, which is falling after Friday's news of PPI and Initial Jobless Claims. Now it is not the fact of the action itself that is being discussed, but how much it will be cut...
Technically, the currency pair is consolidating in front of the global resistance at 1.51000. The strong level has been holding the market in the bearish zone for several years, but the fundamental background gives a chance to break and move into the realization and growth phase.
Resistance levels: 1.5051, 1.51000
Support levels: 1750238, 1.4935
The primary reaction at 1.505 may end with a rebound, but most likely the bulls will manage to keep the defense above 1.5023 - 1.505, which may have a very favorable impact on the further growth of the trend.
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