EURCAD Bounce In The Making

Momentum indicators are backing a likely bounce in the EURCAD currency cross as it tests bottomside support in the New York afternoon. A golden stochastic cross is being confirmed by a sharp convergence in the MACD histogram as the price action tests the 1.5211 trendline support. However, upside potential will likely be restricted with multiple ceilings anticipated. Notably, the 1.5289 (50 hMA) and 1.5331 (200 hMA) will keep bulls at bay before further bid momentum can test targets at 1.5350. Comparative downside targets are looking bright at the 1.5172 (Feb 22nd session low).