Following up on last week analysis for the EUR/CAD currency pair. Bulls took control of the market as expected and as a result, the exchange rate broke out through the upper boundary of a descending pattern.
Given that the price movement has been maintaining the junior ascending channel, and the pair already breached the 55-, 100-, 200– hour SMAs and the weekly and monthly PPs, the pair could target a two-month high at 1.5618 during the following trading sessions.
Technical indicators are in favour of bulls to grow stronger within the next trading days. However, the pair might make a corrective move south today.
