FX.co ★ Technical analysis of EUR/CAD for October 27, 2016

EUR/CAD found the bottom near 1.4300 and sharply started moving higher. The pair broke above both 50- and 200-Moving Averages and on the corrective wave rejected first 200 MA and then 50 MA.

Overall, it looks like the EUR/CAD trend is changing to anuptrend. Consider buying EUR/CAD while price is near the upward trend line 1.4600. Fibonacci applied to the corrective wave, where 200 MA was rejected, shows potential upside targets. The first target is 161.8% (1.4655), second 261.8% (1.4778). Suggested stop loss is 1.4550.

Support: 1.4580, 104455

Resistance: 1.4655, 1.4778, 1.4900