Since 3/19 the Euro has been selling against the CAD in spite of lower oil prices. More Euro buying led to a period of consolidation from 9/4 to where price is now. While price made a new low on 11/24 price now is higher. The 1.4450 level has served as support and resistance on 7/4, 7/23, 10/16, and again today.
While price has rallied recently the broader selling trend is still in force. If price is rejected at the 1.4450 level price could resume falling in the pitchfork to possible 1.365.
While price has rallied recently the broader selling trend is still in force. If price is rejected at the 1.4450 level price could resume falling in the pitchfork to possible 1.365.