The EUR/CAD pair has been under heavy selling pressures since Wednesday, 29th of September 2015. The aggressive downward movement began from as high as 1.5155 to as low as 1.4762.
Subsequently, the currency pair consolidated below 1.4837 and above 1.4762, indicating that the buyers are trying to exert pressure on the pair and possibly push the price higher. In the event that they are able to gain momentum and force the price above the previous support zone of 1.4855, the pair could rise up to 1.4911 and 1.4960 in extension.
Conversely, in the scenario where the sellers manage to resume their bearish pressures and break below the level of 1.4762, the price could decelerate to 1.4724.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.