EUR/CAD is currently trading 0.15% higher to 1.3212 ahead of the US session. The pair has gained nearly 300 pips during this week, and the uptrend seems intact. The intraday support levels are at 1.3115 and 1.3028. The near-term resistance zones are at 1.3247 and 1.3292. Today’s upwards move indicates a further bullish momentum, and the pair is likely to move towards testing the next resistance. However, we may also see a few pullbacks around the first resistance level at 1.3247.
EUR/CAD Short-Term Technical SnapShot!
The Bollinger bands and Relative Strength Index are currently neutral, while the stochastic is in the overbought zone, and the MACD is below the zero line. The current price is above the 100-period moving average while it’s below the 20 and 50 periods moving averages.
| Stochastic | Bollinger Bands | ATR | MACD | RSI |
| overbought (94) | Neutral (1.3212) | 0.0092 (Volatility down) | Above Zero (-0.0010) | 59 (neutral) |
The Stochastic and RSI are momentum indicators and have forward-looking abilities, while the moving average is a lagging indicator.
Related Article: USD/CAD Outlook and Trading Ideas
EUR/CAD Short-Term Support and Resistance Levels
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 1.3115 | 1.3028 | 1.2983 | 1.3247 | 1.3292 | 1.3379 |
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EUR/CAD Trading Idea 01-SEP-2022!
Based on the intraday price pattern and FXDatapanel algorithm, the EUR/CAD is more like to move upwards and test the 1.3247 resistance level.
Signal Direction: Buy
Signal Timeframe: Daily
Entry: 1.3134
Stop-loss: 1.3037
Take Profit: 1.3261
Related Article: EUR/USD Flirts around 1.1050 with a bearish outlook
EUR/CAD Upcoming Levels To Watch
The 1.3247 is an immediate hurdle and an intraday closing above this level will ensure a move toward 1.3300. On the downside, an intraday closing below 1.3200 will help bears to target the 1.3115 support level.
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