EURCAD prepares to go long

Technically EURCAD has a bias to go long.

This pair has been holding the support level @ 1.5100 quite consistently. Daily candles although did traded below this support level but was unable to close beyond it.

For the past 2 weeks this pair has been in a downtrend but in terms of higher TF analysis it is much more likely to be a retracement/ market correction.

At the lower TF we can see the pair finally invalidated the downtrend trend line and forming a "shoulder-head-shoulder" (although not so classical) signalling a potential reversal of current trend and this pair might trending up furthur.

The first potential TP level will be at the the recent swing high resistance @ 1.5930