Long EURCAD: Potential move back to the 1.50000/50 area (SnD)
EURCAD appears to be willing to move higher again after this morning's correction.
1) The market made a bullish leg up recently, hinting at the aggressive presence of the bulls.
2) The market is currently testing a valid Demand zone that was tested once before and is expected to hold for the second time.
3) The market is testing a horizontal Support level around the 1.49500 psychological level.
Price action and Volume would be the determinant of the short-term future direction of the market; if these two confluence factors fail to deliver confirmations, the market might continue heading downwards for the remaining of the trading sessions today.
1) The market made a bullish leg up recently, hinting at the aggressive presence of the bulls.
2) The market is currently testing a valid Demand zone that was tested once before and is expected to hold for the second time.
3) The market is testing a horizontal Support level around the 1.49500 psychological level.
Price action and Volume would be the determinant of the short-term future direction of the market; if these two confluence factors fail to deliver confirmations, the market might continue heading downwards for the remaining of the trading sessions today.
