The 1.6103 high from 2016 is a key level to eye.
The EURCAD reached a high of 1.6103 back in January 2016.
Two plus years later, the pair moved above that level on March 7th and again during Friday's trading (see hourly chart below) Each break failed.
Today there was another failed break with a decline back toward the 100 hour MA.
We currently are in the midst of the 4th break above the key level. The low in the current bar just reached 1.61067 and bounced (trading at 1.6125 currently).
The trade is simple for the pair. Stay above the 1.6103 (call it 1.6100) and the buyers are in control. The Friday high (which was not broken today) at 1.61398 becomes the target to get and stay above...
Move below, and then the lower 100 hour MA (that MA stalled the fall earlier), and the buying should turn back to selling as traders lament the failure in March.
