The EUR/CAD pair has been trending down since Thursday, 22th of October 2015. The downward movement began from as high as 1.4907 to as low as 1.4361.
On Friday, the price fell aggressively from 1.4555 down to 1.4361. In early European trade on Monday, the pair consolidated between the levels of 1.4437 and 1.4404.
In the scenario that the buyers succeed in pushing the price to break above the level of 1.4568, the price could escalate up to 1.4631 and 1.4698 in extension.
Conversely, in the scenario where the sellers manage to resume their bearish pressures and break below the level of 1.4361, the price could decelerate to 1.4145.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.