The EURCAD pair has been trading within a 12-month Channel Down and is currently reversing after a Double Top rejection on Resistance 1 (1.47825). Following the 1D MACD Bearish Cross, this has the potential to initiate Phase 2 of the Bearish Leg that started on the November 21 2023 Lower High.
Technically this should be at least a -4.47% Bearish Wave, similar to the rejection that started on August 30 2023. As a result our Target is 1.41600 (Support 2).
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