EURCAD: Expanding Wedge

EURCAD, Daily

In the Daily timeframe, EURCAD formed an expanding wedge pattern after a long-term sideways trend. The price reached a high from last year, testing the trend line. Despite the bullish momentum, the %R indicates overbought.

• If the bulls push the price above the resistance at 1.5000, the target will be 1.5150, corresponding to 161.8 Fibonacci;

• A rebound from the trendline will drop EURCAD to support at 1.4800;