EUR/CAD edges higher after ending its minor retreat. Also, it has managed to close the gap down signaling that the bulls are strong in the short term. Still, in the short term, the pair reached a resistance level, so we’ll need a valid breakout to get confirmation that we’ll have an upside continuation.
Today, the Canadian Gross Domestic Product could be decisive. The economic indicator is expected to register a 0.0% growth versus 0.4% in the previous reporting period. Also, the German Unemployment Change could be reported at -25K, while the CPI Flash Estimate and the Core CPI Flash Estimate could grow versus the previous reporting period.
EUR/CAD Technical Analysis!
EUR/CAD failed to stabilize below 1.4373 weekly pivot point and now it has jumped above the 1.4494 former high. Confirming its breakout could announce potential further growth. In the short term, the pair has decreased a little after its previous rally and after its failure to stabilize above 1.4442 resistance.
The most recent retreat followed by the current rally confirmed a potential Double Bottom reversal pattern.
Conclusion!
Closing the gap down followed by a new higher high could confirm further growth in the short term.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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