EURCAD - Rising back

EURCAD (1H) - short term bullish bias

The euro met strong buying interests at the daily support level of 1.4450. After the recovery broke above the hourly resistance of 1.4510, it was clear that a reversal could be in the making. A bullish MA cross and then an extension above 1.4540 were the final confirmation that sentiment has turn to the upside. We would expect the pair to continue on its way up. The moving averages and the trend line will be key support levels in case of a retracement.

Key support: 1.4520
Key resistance: 1.4600