During yesterday’s session, the EUR/CAD currency pair set new highs at 1.5167. The price increase was above the downward trend line running from the peak in June this year and to the levels recently seen in September.
However, as can be seen in the daily chart below, all price increases have been questioned because the price was falling until the end of the session. The price action, therefore, indicates respect for resistance confluence, where this trend line coincides with a horizontal area within 1,5150.
A successful rebound from this level will again reveal support within 1.4700. Slightly higher, in the vicinity of 1.4844, there is also a significant level of defence, which worked well in the last month.
However, if the rebound from the resistance turns out to be short-lived and the buyers manage to defeat it, the price may continue to reach the zone at 1.5320/70, where the peaks of the September swings are located.
Translated with www.DeepL.com/Translator
