EURCAD Bullish technical view.
In relation to the pair, again starting out on the higher timeframes structurally, we can see the consolidationary price action being observed from the 1.5100 handle. Firstly, we identified the potential Double Bottom structure being formed from the highlighted key zone as price continues to range between the two near term price points of 1.5100 and 1.5500 levels ( Support & Resistance)
Taking an even deeper look at this pair, in the second leg of the Double bottom ( Daily timeframe) we can see clear consolidation again being formed at the 1.5100 into the weekly close last week. Movements overnight saw initial moves to the downside however we witnessed the bullish Euro during the London & NY Trading sessions, moving higher trapping those short positions. Additionally, we are now looking for the continuation in movement higher this week to retest those key levels at 1.55 noted above. Very clearly using the higher timeframes in tandem with the lower gives a great overall view in the potential moves in price action.
Good luck!
In relation to the pair, again starting out on the higher timeframes structurally, we can see the consolidationary price action being observed from the 1.5100 handle. Firstly, we identified the potential Double Bottom structure being formed from the highlighted key zone as price continues to range between the two near term price points of 1.5100 and 1.5500 levels ( Support & Resistance)
Taking an even deeper look at this pair, in the second leg of the Double bottom ( Daily timeframe) we can see clear consolidation again being formed at the 1.5100 into the weekly close last week. Movements overnight saw initial moves to the downside however we witnessed the bullish Euro during the London & NY Trading sessions, moving higher trapping those short positions. Additionally, we are now looking for the continuation in movement higher this week to retest those key levels at 1.55 noted above. Very clearly using the higher timeframes in tandem with the lower gives a great overall view in the potential moves in price action.
Good luck!