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EURCAD Longs Favored Above 1.4440

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Yesterday marked a big day for EURCAD, which saw a close above the 1.4440 key level. This level previously acted as support in July and more recently acted as resistance in October as the market failed to break through the level on four separate days.

This falling wedge pattern was mentioned in last Wednesday’s commentary. Since that time, the market has broken wedge resistance and now closed above the first area of interest at 1.4440.

I like this market higher from here, however given the next resistance level at 1.4730, we’ll need to see a pullback to support in order to establish a proper risk to reward ratio.

Summary: Look for a pullback to 1.4440, which is the 50% retracement from yesterday’s move. The next key resistance level comes in at 1.4730, giving us 290 pips to work with.

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