EURCAD under bullish pressure after the earlier upward reversal from the support area lying between the pivotal support level 1.53000 (low of the previous daily Bullish Engulfing) and the 38.2% Fibonacci retracement of the previous sharp upward impulse wave from February. If the price closes today near the active levels it will form the second consecutive daily candlesticks reversal pattern Bullish Engulfing. Given the sharpness of the earlier upward impulse wave and the strength of the support level 1.53000 – EURCAD is likely to rise further toward the next resistance level 1.57000 – the breakout of which can lead to further gains toward 1.59000.
