EURCAD draws a double top pattern. Since the high of August 2015, the price falls. On Friday it reached a significant level around 1.4400 – 1.4350. At this level there is a uptrend line which start from April 2015. There is also a support, near which price reacted on several occasions since 2010.

There is a high probability at the moment. At the level of 1.4290 there is a fibo 50% of earlier upward movement (from April 2015 to the high in August 2015). If the rebound will be an end of correction upward movement can reach up to the high of this year. On the way to this years’s top the next resistances are located at levels: 1.4450, 1.4600, 1.4900, 1.5100.


Alternatively If the current support will be break below the next support levels are located at: 1.3800, 1.3450, 1.3000.

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