EURCAD – 80 pips left to important support

Downward movement at EURCAD is continuing after broke below support in last week. It is likely that today’s session will bring fifth downward candle in a row. Supply should test 1.4520 area, where price need only

80 pips to achieve that level. That level is the nearest strong support and 40 pips lower there is a 78.6% Fibonacci retracement of previous upward movement. You can’t expect that this level will make trend reversal but at least some rebound should occur. Next strong support is located at 1.4050 and nearest resistance is at 1.4830.

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Time-frame H4