EURCAD Rebounds Past 1.5400 Level Amid Sideways Market, CAD Weakening Stays Modest

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EURCAD Price Analysis – February 10

The EURCAD has been in an impulsive move higher after rebounding past 1.5400 level during the prior day and currently in the present session. The common European currency has surged by 24 pips or 0.15% against the Canadian Dollar since the day began amid the sideways market.

Key Levels
Resistance Levels: 1.5550, 1.5500, 1.5422
Support Levels: 1.5313, 1.5268, 1.5200
EURCAD Long term Trend: Ranging
The EURCAD’s strong break of the 1.5400 round mark suggests and confirms the resumption of the whole rebound from 1.5313 temporary low regions. Traders should tentatively look for bottoming signals between 1.5268 and 1.5313 to contain recent downside and further the rebound. But decisive break would open up a deep medium term fall to the 1.5200 regions.

Meanwhile, we’d expect a loss of downside momentum as it attempts to flip resistance at 1.5422 level. On the upside, though, a break of the 1.5500 resistance level is needed to confirm completion of the fall. Otherwise, the outlook will stay ranging.EURCAD Short term Trend: Ranging
The technical analysis on the 4-hour chart recommends traders should wait for more confirmation that price will stall by watching out for a visible lower low/lower high sequence from the continuous sideways trading above 1.5313 level.

As for the present bias, the near term outlook may remain in a range as long as the 1.5422 resistance level holds. Hence, we’d look for a topping sign around there. Meanwhile, on the downside, a break of 1.5313 minor support levels is needed to indicate the completion of the rebound. Otherwise, a further rise will remain in favor in case of retreat.

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