EURCAD Halfway to its long-term buy zone.

1 May 2023

The EURCAD pair hit the first target we set on our late-March analysis:

The pattern that emerges is a Channel Up and the next high probability buy entry is located exactly at its bottom on the 1D MA50 (blue trend-line). If the price breaks below the Channel Up, we may see a prolonged accumulation on the 0.618 Fibonacci level. As you see the Fibonacci levels have been targeted since the rise started last August and filled the gaps on all Lower Highs during the Bear market. The next gap to be filled is none other than the December 22 2021 High. Our long-term target in both scenarios is 1.57000.

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