EURCAD has turned lower after failing to sustain its latest push above the 1.6200 major psychological mark, and the pair is now sliding back toward the long-term support zone around the 1.6000-1.6050 psychological area.
EURCAD has broken below a descending trend line that had been guiding the pair lower from the July peak near 1.6269, and price is now attempting to bounce off the 1.6013 low.
EURCAD appears to have carved out a double top chart pattern on the four-hour time frame, with twin peaks forming near the 1.6300 level throughout late June and early July.
EURCAD has formed higher lows connected by a rising trend line that’s been holding since late May, and the pair is currently testing this support zone around the 1.6350 minor psychological level alongside key Fibonacci retracement levels.
EURCAD has been trending higher since mid-May, with the pair’s rising lows connected by an ascending trend line that has been guiding the climb.
EURCAD has been carving out higher lows along a rising trend line that’s been in place since mid-May, and the pair has recently staged an impressive surge to fresh highs near the 1.6245 area.
EURCAD has been trending steadily higher within a well-defined ascending channel, but the pair is currently undergoing a pullback after failing to sustain gains above the swing high around 1.6236.
EURCAD has been oscillating within a short-term range, with the pair finding support at the 1.61000 floor and running into resistance near the 1.6200 major psychological ceiling.