EUR rally failed last Friday, so the shooting start candle formed on the daily chart
. It's a very clear signal that 1.55 level is rejected. In the same time there's obvious bearish
divergence on the daily chart
and it's just matter of time when it will play out. Chances are EUR/CAD will drop
to retest the horizontal support at 1.535 and the ascending trendline
. If price break through them, it could continue down all the way to the strong support at 1.5.