EUR/CAD is Rallying

Despite the obvious shooting star candlestick that the EUR/CAD pair had formed on the weekly time-frame at the resistance at 1.5570 it did not even attempt to start falling but broke out above the last high at the aforementioned resistance. That did not come entirely as a surprise because the pair had formed an inverted hammer candlestick on the daily time-frame at the low at 1.5395, indicating a likely new move to the upside. Now that there has been a breakout above the last high the pair will likely continue moving to the upside and the closest target will probably be around 1.5640. A breakout above that level could lead to a further move to the upside towards 1.5700.