EURCAD has risen today above the May 2009 and November 2016 highs. Thus the quotations were at the level that was last seen in February 2016.When going to the daily chart you will notice that today’s rally is the result of continuation of the yesterday rally when market negated the bearish pin bar from Tuesday. As the pair is in the upward trend, it seems sensible to look for buying opportunities after corrections. The closest local support for this scenario is located around 1.5132. The area of 1.5015 is much more significant, where 50% of the last growth impulse falls. It is not worth taking long positions from the current levels. Breakout may prove to be false, and the quotes have significantly shifted away from the 20-day SMA.

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