The EUR/CAD pair has been moving downwards since Thursday, 11th of February 2016. The downward movement began from as high as 1.5917 to as low as 1.5322.
During the course of today, the pair went back and forth testing the 1.5450 level to fall back again down to 1.5322. In the scenario that the buyers succeed in pushing the price to break above the level of 1.5547, the price could escalate up to 1.5687 and 1.5776 in extension.
Conversely, in the scenario where the sellers manage to resume their bearish pressures and break below the level of 1.5174, the price could decelerate to 1.4958.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.