EURCAD Buyers Eyeing 1.5050 Key Highs

Thurs 23rd March 2023 : Forex Price Action

Today we’re looking at Trading Setups in:

• EURCAD
• EURAUD (Covered in Video)
• USDJPY (Covered in Video)

EURO tops the day traders table as the strongest currency offering us long opportunities against weaker currencies.

CAD tops the trend traders table as the weakest currency showing it is weak on a higher time frame.

EURCAD has broken through a key trend line resistance level.

It has also broken back within a key trading range, breaking the low of the range at 1.4650.

This could see price trade back to the range highs of 1.5050.

On a lower time frame we can see price has formed minor highs at 1.4775.

If price retests this level and finds support we can look for a buying opportunity here with targets being the 1.5050 highs.

Technical Observations

• The EUR is S1 and CAD is W2 on the day traders table.
• Price has traded through key resistance levels including 1.4650 and a historical trend line.
• Price is trading above the daily 200 moving average.
• Buyers could be targeting the next resistance highs of 1.5050.
• A lower time frame shows support being built at 1.4775.
• A bullish retests of this level could offer buying opportunities.