EUR/CAD 1D Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CAD managed to break the strong resistance area at 1.4282, which had bound a ranging motion from ht upside. The pair has already executed a retracement of the broken area and is now paving the way for a larger-scale surge which would set the next target at 1.4523/4555. The current motion will, however, require some strong bullish pressures to stick with the scenario due to the strong resistance cluster that the rate is testing at the moment. In case the pair closes above 1.4345, a smooth slide towards 1.4523/4555 should come easily.
© Dukascopy Bank SA
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