EUR/CAD. Analysis and Forecast

[Redator]

Today, the EUR/CAD pair continues its advance following Friday's rebound from the 1.6170 level, gaining momentum for the second consecutive day.

This marks the third day of positive performance in the past four sessions, pushing spot prices above the key 1.6300 level. From a technical standpoint, the breakout above the confluence of the 9-day EMA and 14-day EMA around 1.6280 can be seen as a key bullish signal. Moreover, the oscillators on the daily chart are gathering positive momentum, confirming a constructive outlook for further growth in the EUR/CAD pair.

Some follow-through buying beyond the 1.6350 resistance level would reinforce the bullish scenario, opening the way toward the next psychological level at 1.6400.

On the other hand, a decline below the confluence of the 9-day and 14-day EMAs, located around 1.6280, would likely find solid support in the 1.6250–1.6245 level. Below that lies the 1.6220 level and the weekly low near the 1.6200 round level — a decisive break below which would negate the bullish bias and shift the momentum in favor of the bears.

The material has been provided by InstaForex Company - www.instaforex.com