The EUR/CAD pair has been under bearish pressures since the 12th of November 2015, with the sellers leading the price from as high as 1.4391 to as low as 1.4160.
During the course of the day on Tuesday, the pair fell from 1.4251 to 1.4160 to subsequently rise today higher up to 1.4236. Taking into consideration that there is enough support below 1.4160 the pair could bounce back up. In the event that the bulls gain enough momentum to break above 1.4266, the pair could escalate up to 1.4289 and 1.4313 in extension.
Conversely, in the scenario where the bears keep exerting strong pressures and force the price to break below 1.4160, the pair could decelerate down to 1.4022.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.