- EUR/CAD trades rangebound on the day, made a day's high of 1.5136 and a low of 1.5108.
- The pair has edged higher from 4-month lows at 1.4917 with a Doji formation, bias higher.
- Price action holds above 5-DMA and technical indicators are turning bullish. Stochs have rolled over from oversold levels and biased higher.
- Upside is struggling at 21-EMA resistance at 1.5172, break above finds next major resistance at 200-DMA at 1.5213.
- Breakout at 200-DMA could propel the pair higher. While on the flipside, breach at 5-DMA support could see more downside.
- Canadian labour force survey for May (due Friday) will attract the most attention this week. Expectations are for a +15K print. Any miss on expectations could weigh on CAD.
Support levels - 1.5107 (5-DMA), 1.50, 1.4917 (May 30 low)
Resistance levels - 1.5213 (nearly converged 200-DMA and 23.6% Fib), 1.53
Recommendation: Good to go long on breakout at 200-DMA, SL: 1.5085, TP: 1.53/ 1.5370
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