EUR/CAD Is Moving to the Upside

After EUR/CAD formed two hammer candlesticks on the weekly time-frame above the support of the (MA)89 indicator on the same time-frame, located at 1.4980, the pair bounced off from that level and continued moving to the upside. Currently the pair has almost reached the same indicator, but on the daily time-frame, located at 1.5375. The last high is at 1.5360 and it is, indeed, very likely that EUR/CAD will continue rising towards the aforementioned indicator. The question is whether it will break out above it. If it does, the move to the upside will probably continue and the closest target will probably be at 1.5400 or even at 1.5500. If it bounces off from the indicator it will likely retrace back towards 1.5200.