EURCAD Technical Analysis Forecast

In our previous analysis, it was expected the price could move lower, this is what happened in EURCAD in last few days and the pair is moving in a bearish direction without any correction.

In our today analysis, we will look for further support level to predict the bouncing area for correction.

I am sharing 2 different time frame chart analysis below.

To  learn about different kind of chart analysis , please visit Economist.

 

Weekly Technical Analysis EURCAD

EURCAD is in a bearish mode since few weeks and forming lower low without having any correction. The break of rising channel couple of weeks back indicates a more bearish move. The volume is still in a favor of selling.

Current market price is 1.5025.

The next support level is forming around 1.4840, It is expected the price could give a small correction hitting this target. We will look for daily time frame analysis to get the closest picture of a possible correction.

Please have a look at weekly time frame chart below.

 

Weekly EURCAD Technical Chart

Weekly EURCAD Technical Chart

 

Daily EURCAD Technical Analysis

 

A correction is expected in a daily time frame chart before a new low. Current market price is 1.5025 and it could move upside before a new low. The upside minimum target is 1.54500, I am expecting a reverse back from 1.54500 towards new low 1.4840 which is also the major support area in a weekly and daily zone. The longer-term target could 1.4680.

Please have a look at daily time frame chart below to get the closest picture overview.

EUR CAD SUPPORT & RESISTANCE LEVELS

EUR CAD SUPPORT & RESISTANCE LEVELS

Support 1:     1.4980

Support 2 : 1.4840

Resistance 1:   1.54500

For more details analysis, you can also visit this Forum.

Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.

 

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