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Forex Chart of the Week July 6th
EURCAD – Kumo Break – What Next?
The EURCAD has done something it has not done in some time just the other week – break and close above the daily Kumo. The last time the pair felt air up here was back in Dec. of 09′. Although this is a positive event for the bulls, we suspect the pair will drift down towards the flat top at 1.3100, then use this as a base before turning higher since it has the 2-step down formation.
Initial upside targets are 1.3463 and 1.3750 which are the swing highs for May and April 10′. Beyond that, we could be witnessing a major reversal for this pair as Kumo breaks like these often precede major turns.
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