EURCAD Technical Analysis Report 20 January, 2022

• EURCAD under the bearish pressure
• Likely to fall to support level 1.4086

EURCAD currency pair under the bearish pressure after the pair broke the key support level 1.420 (which has been reversing this currency pair from the middle of November, as can be seen from the daily EURCAD chart below). The breakout of the support level 1.420 continues the active multi-impulse downer impulse sequence from the middle of December.

Given the clear daily downtrend – EURCAD currency pair can be expected to fall further toward the next support level 1.4086 (standing close to the support trendline of the wide weekly own channel from February of 2021).

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