The EUR/CAD pair continued its upward trend for the fifth straight session on Friday, trading around 1.5780 during Asian market hours. Technical indicators point to a strengthening bullish bias, with price action moving steadily within an ascending channel on the daily chart.
The pair is trading above the 50-day Exponential Moving Average (EMA), highlighting firm short-term momentum. Supporting this, the 14-day Relative Strength Index (RSI) remains above the neutral 50 mark, signaling continued buying interest.
Immediate resistance lies at 1.5845, a nine-week high reached on June 12. A break above this level could bolster the bullish outlook and push the pair toward the upper boundary of the ascending channel near 1.5920.
On the downside, initial support is seen at the nine-day EMA of 1.5717. A drop below this level may signal weakening momentum and open the door for a test of the channel’s lower boundary near 1.5650, which aligns with the 50-day EMA at 1.5632. A decisive break below this support zone could reverse the current trend, potentially dragging the pair toward the 11-week low of 1.5483, recorded on May 12.
