EURCAD approaching the bottom of its Channel Down.
The EURCAD pair has been trading within a Channel Down pattern since September 2021 Triple Top. Such Double/ Triple Top Resistances are important as even in the one time the price broke above the pattern, it got rejected (February 07) on the Resistance of the previous High (Double Top), which also happened to be where the 1D MA200 (orange trend-line) was.
On the short-term, we can buy and target the 0.5 Fibonacci retracement level (around 1.33800). Only a break above the previous (Lower) High (1.37200) can turn the long-term trend around.
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On the short-term, we can buy and target the 0.5 Fibonacci retracement level (around 1.33800). Only a break above the previous (Lower) High (1.37200) can turn the long-term trend around.
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