This pair is busy testing a significant support level that extends from the 2017 low and also the lower boundary of a multi-year ascending channel. I’ve been sellng since the pair closed below 1.5690. The pair formed a bearish signal below the 1.5379 handle just two sessions ago and here we are, retesting a level that looked like a prime target even when the pair was trading 700p higher at 1.5945.
As long as long term channel support just above 1.5200 holds on a daily closing basis, the pair should remain well bid. Key resistance is at 1.5370/80 zone, but if buyers lose the 1.5200 handle on a daily closing basis, we could see the pair start to fall once more. Note that CAD employment data is due on Friday, so keep this in mind when trading this pair.

EURCAD - DAILY

Source: MARYNA MURRAY

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