EURCAD - APPROACHES KEY LIQUIDITY ZONESymbol - EURCAD
EURCAD is currently undergoing a correction towards a key liquidity zone within the context of a broader and well established bullish trend. The question remains - will the bulls step in around the 1.6175 area?
EURCAD is retracing toward a strong support zone near 1.6175, contributing to short-term weakness in the pair. Despite this correction, the overall trend remains bullish, and a reaction from buyers in this region appears likely.
A false breakout above resistance has triggered the ongoing pullback. However, price action remains confined within the established trading range between 1.6400 & 1.6173. The market now appears to be gravitating toward support for a potential retest, and this zone could serve as a foundation for renewed upward movement.
Resistance levels: 1.6330, 1.6400
Support levels: 1.6175, 1.6030
A liquidity pool just below the 1.6200 - 1.6170 area may shift momentum in favor of buyers. Given that the broader structure remains bullish, this presents a potential advantage for long positions. A false breakdown of support, coupled with a lack of downside momentum, could act as a catalyst for renewed growth.
