• EURCAD reversed from the resistance area
• Likely to fall to support level 1.4700
EURCAD currency pair recently reversed down from the resistance area lying between the pivotal resistance level 1.4800 (which has been reversing the price from the start of May), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from the middle of April. The downward reversal from this resistance area continues the clear multi-month downtrend.
Given the strength of the active downtrend, improved cad sentiment – EURCAD currency pair can be expected to fall further toward the next support level 1.4700 (which reversed the previous waves a and B).