🇪🇺 EURCAD 🇨🇦 - Retest of resistance before further decline
The currency is purposefully moving towards the resistance at 1.4728, which plays the role of the upper boundary of the flat. Accordingly, the global trend is downward and the resistance area in this context plays a key role before further decline.
Reasons for further decline:
1) Counter-trend correction
2) Liquidity and resistance areas at 1.4728 are strong enough for a breakout
3) Flat from the upper boundary of 1.47200 may push the price downwards
4) There are no fundamental reasons for the euro to rise
Reasons for further decline:
1) Counter-trend correction
2) Liquidity and resistance areas at 1.4728 are strong enough for a breakout
3) Flat from the upper boundary of 1.47200 may push the price downwards
4) There are no fundamental reasons for the euro to rise
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