FX.co ★ EUR/CAD

The EURCAD pair finally managed to push up after consolidating for almost a day. The price opened last Friday at 1.4923, and the previous day's decline tried to rise after being rejected from the EMA 200 H4 and EMA 633 H4, with a position close to the track price at 1.4898 and 1.4912. The EMA 633 H4 is between the daily open and the closest support, while the EMA 200 H4 is around the support. The price that was rejected from the two large EMAs slowly moved up, and this was seen on Friday where the price tried to climb. It had stumbled at the resistance of 1.4957 and fluctuated around it. The EMA 12 and EMA 36 H4 were seen curving down and tapering to form a new crossover. The 1.4957 area was successfully penetrated, and the price moved away, finally closing at 1.4994.The dominant bullish trend on Friday has reopened the opportunity for prices to strengthen after two days of trading this pair under pressure. The trend is still bullish.

The analysis suggests that the price needs to break above 1.5033 to open a bullish path towards the daily resistance at 1.5160, which is a critical area for buyers that has not been penetrated since 2020. If the price is rejected at 1.5033 or fails to move above Friday's high, the daily support at 1.4952 will be the first test before a potential bearish move targeting 1.4873. The moving averages on the 4-hour chart are converging, indicating a new direction is forming, but the confirmation is still awaited.Sell transactions are recommended if the price breaks below 1.4953, the 12-period and 36-period moving averages on the 1-hour chart form a bearish cross, with a take-profit target at 1.4873-1.4842. Another option is to sell on a pullback from the 1.5161 level, aiming for a bearish target of 1.5093-1.5052.