StealPipsSal

EURCAD to see some upside

Long
FX:EURCAD   Euro / Canadian Dollar
For more than a week, EURCAD has been moving in a descending channel and respecting the trendiness very well. EC had broken some very significant resistance around 1.55336 and 1.55432 on December 17th that it looks like it is revisiting as this market steadily moves to the downside. On the daily, EURCAD has been moving in an ascending channel and is about to reach one of the trend lines . As it approaches this part of the daily ascending channel , the bottom of the descending channel , and a zone that was previously resistance and now may be respected as new support, I believe there will be great buying pressure here and the market will be pushed up. Signs of the Canadian dollar weakening should also push this pair up as the Euro will get stronger against the Canadian dollar . I'll be looking to go long around 1.55432 and will target right before the previous high.

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