FX:EURCAD   Euro / Canadian Dollar
Weekly and daily charts are both drawing a possible downtrend until major support is hit.
Trade closed: target reached

Comments

Nice identification of a descending channel on EURCAD and there may be bullish bias as you have identified. The first support that we have identified is at 1.4943. It is a horizontal overlap support, with a 100% & 50% Fibonacci retracement. Stochastic is approaching its support at 1.3% where a corresponding bounce could occur. If a corresponding bounce does occur, we may want to look at 1.5026 resistance level. It is a horizontal pullback resistance with a 50% Fibonacci retracement. Looking forward to seeing how things develop.

Please have a look at our idea and share with us what you think.

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