The euro currency is starting to look more bullish against the Canadian dollar ahead of today’s Bank of Canada policy meeting. The four-hour time frame shows that sellers are struggling to activate a bearish head and shoulders pattern after moving the price under neckline support. A recovery back towards the 1.4850 level could take place in the EURCAD pair if the central bank sound less bullish today.
The EURCAD pair is only bullish while trading above the 1.4745 level, key resistance is found at the 1.4822 and the 1.4940 levels.
If the EURCAD pair trades below the 1.4745 level, sellers may test the 1.4660 and 1.4585 support levels.
