EURCAD for three months moves in a consolidation, the upper limit is the lower limit of the previous box. Last week market has tested support level around 1.3820, where bullish response appeared. If the growth will continue in near future we can expect a retest of level 1.4290 area.
Looking on H1 chart we notice that due to ongoing declines on Friday market reached and twice tested local support area around the level 1.3888 coinciding with the measuring 61.8% Fibonacci correction of the last impulse and 38.2% of the entire previous upward movement. Persistent rejection of this level would be a signal to continue growth at least in the vicinity of the level of 1.3970 and further to 1.4090
