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EURCAD Unable to Reclaim Peaks

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EURCAD has witnessed a choppy battle to reclaim a positive move towards 2020 peaks.

Currently, the currency pair is finding some support at yearly lows at the 1.53 region. A move higher is now evident with prices breaking through the 38.2% of the 1.5982/1.5053 downside Fibonacci leg.

Should prices maintain this momentum, then the recent hidden bearish divergences will be negated. This could then move the trend above the 50%, and in search for the golden ratio 61.8%.

This would then lead to a test at the lower border of the Ichimoku cloud, where confirmation of a trend revival would be apparent.

eurcad technical

A short-term outlook shows that prices fell quite sharply in the last few sessions, moving the prices to the lower 1.53 area.

However, since then bulls have taken over and spurred the pair to another test at the recent peak.

The recent bearish divergence has been ignored as prices look to push for the specified level at 1.5462.

With a move away from the Ichimoku indicators, this confirms that the bias is firmly on the upside for now.

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