EURCAD Bulls Remain in Charge Beyond the 1.5500 Level As Overall Market Optimism Improves

EURCAD Bulls Remain in Charge Beyond the 1.5500 Level As Overall Market Optimism Improves

EURCAD Price Analysis – October 21

The common European currency has increased by 25 pips or 0.17% against the Canadian Dollar since the days start. The EURCAD is currently trading in a narrow channel formation. Overnight the Canadian dollar weakened against other major curries as investors’ risk appetite improved.

Key Levels
Resistance Levels: 1.5739, 1.5675, 1.5600
Support levels: 1.5430, 1.5376, 1.5200
EURCAD Long term Trend: Ranging
EURCAD battles the 1.5550 barriers, up 0.17% intraday, while heading into Wednesday’s American open. At the time of writing the pair is trading at 1.5549 level while attempting to crush several layers of barriers on its way to the next resistance at 1.5600 level. That said, the EURCAD trader may turn cautious ahead of the key economic figures.

A clear break of an ascending trend line needs validation from a daily closing under 1.5430 horizontal support zone to aim for July’s low of 1.5376 level. Until then, the retracement level of 1.5430 can restrict EURCAD pullback.
EURCAD Short term Trend: Ranging
The EURCAD currency pair seems to be giving out bullish signals across the board, in particular on the 4hr time frame. All things being equal, the EURCAD exchange rate is likely to continue to edge higher in the channel pattern. Bearish traders could target a support cluster at the 1.5430 level.

However, the currency exchange rate might make a brief advance towards the pivot point at the 1.5600 level in the shorter term. The RSI indicator also appears to maintain its position in positive territory. Short term sentiment for this pair amongst small participants is skewed slightly to the bullish side.

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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.