The EUR/CAD pair has been under strong selling pressures since the 24th of August 2015. The downward movement began from as high as 1.5577 to as low as 1.4700.
The currency pair has been showing lately signs of retracement to the upside, being more intense at 1.4939. This bounce might be an indication of a potential trend reversal. In the event where the bulls manage to overweigh bears in trading volume, they might push the price up to 1.5229 and 1.5570 respectively.
Alternatively, in the scenario where the sellers resume their selling activity and succeed to drive the price lower and below 1.4700, the pair might be forced down to 1.4404.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.