EURCAD: Ascending Channel

EURCAD, H4

On the H4, EURCAD has formed an ascending channel in a short-term bullish trend. The price consolidates at the 50.0 Fibonacci resistance, creating two possible scenarios.

• If the price breaks 1.4750 and MA200, the target will be 1.4790, corresponding to 61.8 Fibonacci;

• A rebound from resistance and a break of the lower trendline will start the decline to 1.4710;