The EUR/CAD pair has been moving upwards providing no signs of a potential trend reversal.
The Fibonacci applied to an ascending channel breakout point shows that resistance was broken. The final target at 0% Fibonacci has not been reached, while 23.6% resistance level was broken.
As the price rejected the support area, consider buying EUR/CAD, while it is near S1 (1.4977), targeting R4 (1.5248). Stop loss should be placed well below S2 (76.4% retracement level).
Support: 1.4977, 1.4913
Resistance: 1.5028, 1.5080, 1.5144, 1.5248
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/CAD for December 16, 2015 . Thanks for your support.
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