EURCAD moves in an uptrend, where the lows and highs are set at higher and higher levels. As you can see in the H4 chart below, on Friday the price has once again reached the upward trend line running from the low from the second half of January, whence there was an upward rebound.
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In addition, after switching to the daily interval, you can see two consecutive pin bars pointing to that the demand side has control.
As we are currently witnessing an upward trend and a potentially ending correction, we can look for buy signals. One of the ideas for the transaction may be a repeated test of the area within 1.5940 shown in the H1 chart below.
If the quotes go back to the range of support and it will be positively tested, we will be able to look for opportunities to take a long position, where the nearest target will be around this year’s maxima close to 1.6130.
