EUR/CAD in the direction of important resistance after rebound from the trend line.

EURCAD Monthly

The EUR (EUR) against the Canadian dollar (CAD) in March tested the maximum from 2016. As a result of the test, there was a rebound, where declines stopped around 1.4750. As can be seen in the monthly chart below, the EUR/CAD returned to increases after rebound from 1.4750. Support was additionally provided by the trend line running from the low from 2015.


In turn, after switching to the weekly chart, we see that the stock is now approaching the resistance at 1.5370, where the maximum of September this year is. An effective overcoming of this level would open the way for further growth. Alternatively, a positive resistance test would keep the EURCAD course in consolidation. In the case of the first scenario, the key resistance is around this year’s maxima at 1,6100. First, however, buyers would have to beat the highs from June 2018 which are at 1.5585.

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