Attempted Breakdown on the EURCAD
The price of the EURCAD has recently broken down below the ascending trend line (in green), which indicates mounting bearish bias. This is further underpinned by the MACD indicator.
The monetary policy meeting of the ECB on Wednesday and Canada's unemployment data on Friday could catalyse an even deeper dropdown.
If the price action manages to penetrate below the 100-day MA (in blue), the next target would be the 61.8 per cent Fibonacci retracement level at 1.48354. The latter is currently converging with the 200-day MA (in orange).
The swing low at 1.47750 represents a deeper bearish target.
The monetary policy meeting of the ECB on Wednesday and Canada's unemployment data on Friday could catalyse an even deeper dropdown.
If the price action manages to penetrate below the 100-day MA (in blue), the next target would be the 61.8 per cent Fibonacci retracement level at 1.48354. The latter is currently converging with the 200-day MA (in orange).
The swing low at 1.47750 represents a deeper bearish target.
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