• EURCAD reversed from resistance area
• Likely to fall to support level 1.4680
EURCAD currency pair recently reversed down from the powerful resistance area located between the key resistance level 1.4800 (which reversed the previous minor corrections (b) and (a)), 38.2% Fibonacci correction of the downward impulse from and April the upper daily Bollinger Band. The downward reversal from this resistance area is aligned with the active predominant downtrend.
Given the strongly bullish Canadian dollar sentiment seen across the FX markets today – EURCAD currency pair can be expected to fall further toward the next support level 1.4680 (low of the previous minor correction (b) from the middle of this month).