EURCAD is looking more positive over the last couple of days as prices have climbed back above the 20- and 40-simple moving averages (SMAs) in the daily timeframe. The rebound on the 38.2% Fibonacci retracement level of the upleg from 1.3020 to 1.6150, near 1.4960 drove prices higher in the near term, but the main structure remains negative.
Technically, the pair could gain further upside in the short-term as the MACD oscillator is strengthening its bullish momentum above the zero line and the RSI indicator is heading higher above its neutral threshold of 50.
If prices are able to break the 1.5170 resistance level, identified by the latest highs in the past few sessions, the risk would shift to the upside, with the 1.5370 barrier coming into focus. Slightly higher, the 23.6% Fibonacci mark of 1.5410 could come under the radar as well.
Should the pair manage to drop lower, immediate support could come from the 38.2% Fibonacci of 1.4960. A break below this region may open the way towards the 1.4840 mark and then until the 1.4745 support.
To summarize, EURCAD looks slightly bullish in the very short-term, while in the long-term the picture is seen bearish.
