EURCAD: Important Decision Ahead 🇪🇺🇨🇦

31 May 2023

EURCAD remains very weak for more than 2 weeks:
the pair is trading in a narrow horizontal range on a daily.
Depending on the reaction of the price to the boundaries of the range,
I see 2 potential scenarios.

Bullish:
If the price breaks and closes above the upper boundary of the range - 1.4653 level,
I will expect a bullish movement to 1.4725.

Bearish
If the price violates the support of the range - 1.4486 and closes below that,
a bearish continuation will be anticipated to 1.441.

Wait for a breakout, that will show us the future direction of the market.


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