Monday starts with bullish Gap
The strengthening of the euro against other currencies and the euphoria on stock markets are the most important signs of joy after first round of elections in France. Monday’s quotes have begun with an impressive bull market gap and easy breaking resistance at 1.4560. Even yesterday there was a re-test of this level from the top, which confirmed only the strength of demand.
EURCAD highest since November 2016
Today demand is also not backing up and EURCAD has reached the highest price since November 9, 2016. Target of the current upward movement is 1.4950 resistance which has been reached several times in 2016. As the new 1.4560 support was confirmed yesterday we shouldn’t expect return to declines within the next few days.
EURCAD now has a chance of a fairly fast 1.4950 resistance test and only then should there be any correction or consolidation. Considering how many times the 1.4950 level stopped growth, breaking it easily seems unlikely.
