EUR/CAD simply can’t make new highs above 1.5000!

Are we seeing a attainable reversal within the making?

We’re wanting on the day by day chart for a long-term guess!

EUR/CAD Each day Foreign exchange Chart by TV

EUR/CAD has been consolidating between 1.4400 and 1.5000 all 12 months, which isn’t actually shocking for the reason that pair had an excellent couple of months leaping from 1.2900 to 1.4600 between September and January.

However are we taking a look at a consolidation that may result in a bearish reversal?

The Head and Shoulders sample forming on the day by day time-frame is saying it’s attainable.

Apart from the reversal sample, the 100 SMA has additionally flattened as an alternative of sustaining its bullish route.

EUR/CAD has simply bounced from the Head and Shoulders “neckline” that strains up with the S1 (1.4280) of the Pivot Factors and the 200 SMA on the day by day chart.

Be careful for a rejection on the 1.4600 psychological deal with close to the 100 SMA and Pivot Level degree.

A bounce decrease from 1.4600 opens the pair to a visit again to the Head and Shoulders “neckline” or perhaps a draw back breakout all the way in which to the 1.3800 space of curiosity.

Really feel like shopping for the euro in opposition to the Loonie as an alternative?

You possibly can anticipate EUR/CAD to breach its 1.4500 short-term resistance and goal for the 1.4600 zone or the closest inflection level.

Good luck and good buying and selling this one, yo!