EURCAD – correction should occur

Macroeconomic data from US caused sharp downward movement at EURCAD. Rebound occurred when price moved above 1.5580 area which is nearest support. US retail sales were better than forecasted. Similar price reaction occurred at EURUSD.

In a longer term EURCAD moved in an uptrend and in mid-January there were correction that reached 50% of previous upward movement. New upward impulse is very dynamic and since last 9 days there was only 1 session of declines. It is likely that currently downward movement should occur but in a long term uptrend should continue. Nearest resistance is at 1.5950, supports are located at: 1.5580, 1.5430, 1.5240.

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Time-frame M30