EURCAD Breaks Past 1.5600 Level, Stays Unaffected Despite Dismal Eurozone Data

EURCAD Breaks Past 1.5600 Level, Stays Unaffected Despite Dismal Eurozone Data

EURCAD Price Analysis – January 6

The EURCAD pair sustained its bid tone through the early part of the European session and was last seen hovering beyond the barrier at 1.5609 ends of its recent range. The Euro remained well supported and seemed rather unaffected by the dismal Eurozone data.

Key Levels
Resistance Levels: 1.6200, 1.5991, 1.5785
Support Levels: 1.5550, 1.5422, 1.5313
EURCAD Long term Trend: Ranging
As seen on the daily time frame, the rebound of the price comes after a drop from the prior day’s high of 1.5668 level to a 1.5564 temporary low. The trend though leans slightly towards an improving picture towards the 1.5785 level. Backing this view is the squeeze of price around the moving average of 5 and 13.

EURCAD is also attempting to sustain the breach 1.5609 horizontal resistance level to validate its rebound from lows. A rejection there may target a test on 1.5422 low level. Also, such a decline will be seen as the third phase of the corrective pattern from 1.5979 level, breach of 1.5313 level should bring a test on lower channel support now at 1.5247 level.
EURCAD Short term Trend: Ranging
Short-term bias is mixed and weak pullbacks into support can offer potential buying opportunities to traders who are not long the pair yet. A strong break and close back below the 1.5600 level would put 1.5550 marks back into focus.

The EURCAD pair is now set to range some more and reach recent highs around 1.5785 level. On the other hand considering down looking RSI conditions, as well as price trading within moving average 5 and 13 respectively around 1.5590 and 1.5612, EURCAD bulls are set to challenge the monthly peak surrounding the 1.5785 zones.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.