The four-hour chart shows that the exchange rate of the euro against the Canadian dollar is starting to recover after declines from the second half of last week. The price fell below support at 1.5030, and from Monday we see a shy return to this area. The future fate of this pair depends on the retest of this level.
Possible reflection up to 1.4860
1.5030 acted as resistance or support several times on EURCAD. Last week, the breakthrough occurred only after the second attempt. Now bulls are testing this level from below. If there is a downward reaction, it may be an opportunity to open a short position. In this case, you can search for a decline in the area of 1.4860. This support has stoped the pair declines in the last month.
If, however, there is a return to 1.5030, the nearest resistance is at 1.5160. In August and September, the price was reflected several times in this area. However, it must be taken into account that it was repeatedly broken in the same period, so it is not a textbook example of resistance.
