Today we come take a look at the EURCAD price action .This pair has has been bearish since December and has found support at major support level 1.47200. For the past 5 months the pair has been bearish . Price currently trades above the support level at price 1.49347. We think that If price can holds and moves above level 1.49804 which is a resistance level then we could see level 1.53662 being exposed.

EURCAD Daily chart 7 April 2021
EURCAD Daily chart 7 April 2021

The Euro has manage to get back from its bearish price action after months of slippage .
We expect price to move pass this resistance level in the next trading market session, before we can confirm the exposure of the resistance level 1.53662 . If price moves and break past level 1.53662 in the up coming market session then we could see level 1.57330 being exposed which is our major Resistance level in which price hasn’t reached since last year before the bearish fall.

 We at fxsits predict Bullish price action for the month. Since the Euro is gaining stem with the vaccination being ruled out and with the major Euro economy picking up. So we shall be watching and coming back with follow up analysis on the EURCAD price action. See attached all chart with analysis explanation.

EURCAD H4 chart 7 April 2021
EURCAD H4 chart 7 April 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets

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