EUR/CAD Price Forecast: Holds gains above 1.5750 due to persistent bullish bias

• EUR/CAD may find the initial resistance at the nine-week high of 1.5845.
• The 14-day Relative Strength Index remains above the 50 level, suggesting a strengthening bullish bias.
• The immediate support appears at the nine-day Exponential Moving Average of 1.5717.

EUR/CAD extends its winning streak for the fifth consecutive day, trading around 1.5780 during the Asian hours on Friday. Technical analysis on the daily chart indicates a strengthening bullish bias as the currency cross moves upwards within the ascending channel pattern.

The EUR/CAD cross rises above the 50-day Exponential Moving Average (EMA), suggesting that short-term price momentum is strengthening. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, suggesting a persistent bullish bias.

On the upside, the EUR/CAD cross may target the primary barrier at the nine-week high of 1.5845, which was marked on June 12. A break above this level could reinforce the bullish bias and lead the pair to test the upper boundary of the ascending channel around 1.5920.

The EUR/CAD cross may find immediate support at the nine-day Exponential Moving Average (EMA) of 1.5717. A break below this level could weaken the short-term price momentum and put downward pressure on the currency cross to test the ascending channel's lower boundary around 1.5650, aligned with the 50-day EMA of 1.5632. A successful break below this crucial support zone could weaken the bullish bias and prompt the currency cross to navigate the area around the 11-week low of 1.5483, recorded on May 12.

EUR/CAD: Daily Chart