EURCAD staged a good rally from 1.4023 all the way up to 1.6103. This is the highest level since 2009 but the pair appears to be facing difficulty clearing this key 1.61 level. The bullish bias is still in place since the tenkan sen and kijun sen lines are positively aligned while the daily Ichimoku cloud is rising. RSI is in bullish territory above 50 but has stalled around the 70 level suggesting consolidation is likely at current price levels.
Prices have been rising in an ascending channel since early December 2015. The lower channel line would provide support for downside moves. A key level lies at 1.5558 (August 2015 high), which if breached would shift the bullish bias. But if the market surpasses 1.61, prices would advance to target 1.62.
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