You are here: Home > articles > Forex > Technical Analysis – EURCAD extends gains in near term; holds in upward sloping channel
Technical Analysis – EURCAD extends gains in near term; holds in upward sloping channel
June 11, 2018 12:26 pmVideo
Latest News
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
EURCAD moved higher so far on Monday and jumped above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. The pair has been consolidating within an upward sloping channel since May 30 and is in progress to turn the medium-term outlook from negative to positive.
From the technical point of view, the RSI indicator is sloping upwards in the bullish territory and is approaching the 70 level, while the %K line of the stochastic oscillator is ready to enter the overbought zone with strong momentum.
If the bulls maintain their movement, the next level to have in mind is the 38.2% Fibonacci retracement level of the upleg from 1.4050 to 1.6150, around the 1.5360 resistance barrier. If the price overcome this area, it could open the door for the 1.5440 hurdle, identified by May 8.
On the flip side, a dip below the 20-SMA could drive the pair to re-challenge the 1.5200 handle, which coincides with the 40-SMA in the near-term. If that level does not hold and the price breaks it to the downside, it would shift the focus south again and hit the 1.5125 support level.
Overall, EURCAD is extending its gains and is on the way to post a bullish correction in the short-term timeframe.
Related Posts: