On 24 August resistance at level 1.5560 was tested. Which was a five years maksimum set in 2014. After that EURCAD formed and moves in the trend channel. The lower limit of the channel is the level of 1.4710. Price already is moving in this direction. This level also provides monthly support. Rebound from indicated level will take price to the upper limit of the channel at 1.5100. After breaking through this channel, the next levels I will indicate on the daily chart.

EURCAD-H4

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Wider view, interval D1

The nearest support is trend line 1.4750 (red color on the chart). The next supports are 1.4710 and 1.4480. If will be dynamically rebound from current trend line that should be tested resistances on 1.5280 and 1.5550. Since April 2015 EURCAD is moving in an uptrend. So more likely is break above from channel. EURCAD-D1

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