The EUR/CAD, along with many other EUR crosses has formed an inside bar on the daily chart. The pair fell to a low last week of 1.2952 then rebounded in a big way, climbing to a high of 1.3317 before closing on Friday at 1.3218. Yesterday was a light day for fundamentals, and volume across the markets was relatively low which resulted in the formation of an inside bar, a candle that neither made a new high, nor a new low. As the previous days price action was definitely bullish, one could safely assume that a break of 1.3317 could bring on higher prices for this pair. Previous lows at 1.3330 are offering up resistance however, as well as a Weekly R1 and Monthly R1 only about 25 pips apart and covering the job of resistance between 1.3372 & 1.3396 followed by the Weekly R2 and highs from February/March holding back the bulls further at the 1.3530 area. The bears also face support with a monthly & Weekly Pivot separated by only 19 pips at 1.3162 & 1.3181, in addition to the highs from December at 1.3185. A break above the high is more likely, but a break of yesterday's low could also offer buying opportunities if prices bounce again from 1.3185.
Happy Trading