So, Last week we saw EURCAD make a down move from our weekly midrange and find support at monthly support level 1.45 which is also an HL. We have seen a bullish candle closure on the weekly time frame which also closes above 8EMA. We can see that price respected 1.45 and then closed bullish which also nearly engulfed previous candle and closure above 8EMA. We can also see that price has failed to close below 61.8 on Daily timeframe supporting our theory for longs.
If we look closer on H4 we can see that price is now forming HL’s, and currently trading above MA. We have found resistance again at 1.4725 weekly mid-range. I am only looking to long on this pair so will be looking for buying opportunities around our daily support level and high structure supports or a break, retest continuation of weekly mid-range. I expect price to fulfill both FIB extension targets this week if we can break MIDRANGE.
If we see a gap above mid-range i will be buying this pair.