- EUR/CAD resumes upside after brief consolidation in the previous session.
- Downside finds immediate support at 5-DMA at 1.5156, we see minor weakness on break below.
- Upside is currently hovering around 61.8% Fib retrace of 1.6105 to 1.3783 slide at 1.5218.
- The pair is extending gains after 'Symmetric Triangle' breakout, momentum studies bullish.
- Break above 61.8% Fib at 1.5218 to see test of 1.5258 (May 2017 high) and then 1.5281 (Nov 2016 high).
- On the flipside, 20-DMA at 1.4971 is strong support, we see weakness on break below.
Support levels - 1.5157 (5-DMA), 1.51, 1.50, 1.4971 (20-DMA)
Resistance levels - 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide), 1.5258 (May 2017 high), 1.5281 (Nov 2016 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-extends-Symmetric-Triangle-breakout-good-to-go-long-abov) has hit TP1&2.
Recommendation: Book partial profits, trail stop loss to 1.5150. Hold for targets.
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