FxWirePro: EUR/CAD Daily Outlook

Chart - Courtesy Trading View 

EUR/CAD was trading 0.20% higher on the day at 1.4338 at around 09:30 GMT, outlook bullish.

The pair is extending break above 21-EMA and is on track to test daily cloud resistance. Break above will propel further gains.

Momentum studies are bullish. Stochs and RSI are sharply higher and RSI is well above the 50 mark.

MACD is showing a bullish crossover on signal line, supporting further upside in the pair.

5-DMA has turned and bullish 5-DMA crossover on 20-DMA confirms near-term upside for the pair.

GMMA indicators shows bullish trend shift of minor trend with near-term moving averages trending higher.

Monetary policy decision from the European Central Bank (ECB) is due at 1245 GMT. Focus on the news conference with ECB President Christine Lagarde at 1330 GMT.

The ECB is not expected to offer up policy changes, hot consumer prices and recent strong labour data has raised expectations for a shift in tone.

Record high inflation and all-time low unemployment rate will likely favor ECB hawks to back rate hikes in 2022.

The pair is currently struggling at 55-EMA resistance, decisive break above will fuel further upside. Next major bull target lies at daily cloud base at 1.44.