On EURCAD we were witnessing a correction of the bearish move which started from1.5257 high. Initial upturn movement to local resistance near 1.4972 was abruptly abolished and closure of the week was at a lower level than opening.This led to creation of a bearish pinbar, where in current week price fell under its minima.

Additionally on daily chart on Wednesday, was set a bearish engulfing formation. Price following the aforementioned bearish formation is now heading to the lows at 1.4725. Successful breaking of this level will open the way to key support at 1.4472. This was the closing level of April 21st session followed by a bullish gap of nearly 230 pips.

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