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EURCAD Faces Downside Pressure Below The 1.5560 Level

EURCAD: Although EURCAD closed almost flat the past week, it still faces further weakness while holding below its major resistance located at the 1.5560 level. Support comes in at 1.4700 level with a cut through here opening the door for more weakness to occur towards the 1.4613 level. Further down, on continued bear pressure the 1.4500 level is seen as the next downside target where a violation will turn attention to the 1.4400 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the contrary, resistance is located at the 1.4800 level followed by the 1.4900 level. Further out, resistance is seen at the 1.4950 level and subsequently the 1.5000 level. All in all, EURCAD remains biased to the downside on further corrective pullback.

EURCADWeekly

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