FX.co ★ Technical analysis of EUR/CAD for April 08, 2016

EUR/CAD continues trading above the 200 Moving average and has re-tested and rejected the MA breakout point for several times. Overall price bounce off all 3 support levels of the Fibonacci applied to the channel breakout point.

At the same time the R1 (1.4960) resistance has been broken opening doors for further rise. Currently, price is trading very near S1 (1.4850) which was rejected just yesterday.

Consider buying EUR/CAD at the current level, targeting R2 (1.5130) level and stop loss well below S1.

Support: 1.4850, 1.4760, 1.4670

Resistance: 1.4960, 1.5130