EUR/CAD Reaches Double Top

EUR/CAD made an impressive rally to the upside. The pair has been trading with high volumes going higher and higher from the last week of February until now. Price back then was 1.3800 and the Canadian dollar is now trading at 1.4404 for a Euro.

What's interesting to notice is that the price has now reached a double bottom with the latest high at this level made in the end of November last year.

If price manages to power through the resistance level, bulls will have the upper hand in the trade with less obstacles in the way.

If, however, bears are able to halt the trend and turn it around, price might revisit prior support zones, the first of which is seen at 1.4220.

Have in mind that today's speech of ECB President Mario Draghi might have a high impact on the pair.

Chart: EUR/CAD H4