15.11.201615:38 Forex Analysis & Reviews: Technical analysis of EUR/CAD for November 15, 2016

Long-term review

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EUR/CAD started to print lower highs and lower lows suggesting that the downtrend has been established. The pair is trading below both 50- and 200- Moving Averages and today on a corrective wave up rejected 50 MA.

Fibonacci applied to that corrective wave shows potential downside targets, where 361.8% (1.4280) corresponds with the lower trend line of the descending channel.

Consider selling EUR/CAD at the current rate (1.4555), targeting 361.8% Fibs (1.4280). The suggested stop loss 1.4720.

Support: 1.4467, 1.4372, 1.4278

Resistance: 1.4620

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