On Daily Timeframe we are seeing where the market have broken out of its 3 month consolidation, with a strong bullish impulse to the upside, hitting March’s highs in the process.
Price action also corrected to 61.8% of the impulsive from the breakout. This is also corresponding with the trend channel acting as linear support and resistance.
Analysing the COT data; The major banks have closed our shorts for the Euro, while adding more to their Long position on the perspective of the CAD we are seeing where they have closed out Longs and added more shorts.
Using this along with Technical Analysis, It would be no surprise to see EURCAD hitting $1.60
I've labeled the areas based on what I will be anticipating.
Like and Comment your thoughts . All feedbacks are welcomed. An entry will be taken only if all rules of my strategy are satisfied. Add this pair to your watchlist and see if the rules of your strategy provides an entry.