The EUR/CAD pair has been moving upwards since the 15th of October 2015, with the buyers driving the price from as low as 1.4604 to as high as 1.4888.
During the end of the day on Tuesday, the currency pair stabilized between the levels of 1.4714 and 1.4748 to subsequently rise up to 1.4889. In case that the buyers found that level to be too resistive, the price could attempt a correction to the downside. In the event that the price breaks below the level of 1.4781, the price could decelerate down to 1.4781 and 1.4714.
Alternatively, in the event that the buyers manage to resume their upward pressures and push the price to break above the level of 1.4889, the price could reach the levels of 1.4748 and 1.4714 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.