EUR/CAD has been carving out a sideways channel since Friday and the bottom of this channel coincides with the 200 EMA on 15M time frame which is also the 50EMA on H1.
A break out of this channel and a break of the supporting EMA's would suggest we are headed lower.
If we look at the H4 time frame we can see where the 200 EMA has supported the price and this looks a natural target for EUR/CAD BEARS should the 1.4716 support break.
Price ALWAYS returns to the 200 EMA eventually and of course this happens more frequently on the lower time frames.
On H1 we last saw the 200 EMA hit last Friday so we can expect to see the price gravitate to this key support level before long and a break of 1.4716 could see the start of a move south.
There is no scheduled news expected from the EURO zone and the next CAD news is Fridays CAD Unemployment Change and Unemployment Rate so the the price should drift lower over the next few days as long as the channel is broken.
A break out of this channel and a break of the supporting EMA's would suggest we are headed lower.
If we look at the H4 time frame we can see where the 200 EMA has supported the price and this looks a natural target for EUR/CAD BEARS should the 1.4716 support break.
Price ALWAYS returns to the 200 EMA eventually and of course this happens more frequently on the lower time frames.
On H1 we last saw the 200 EMA hit last Friday so we can expect to see the price gravitate to this key support level before long and a break of 1.4716 could see the start of a move south.
There is no scheduled news expected from the EURO zone and the next CAD news is Fridays CAD Unemployment Change and Unemployment Rate so the the price should drift lower over the next few days as long as the channel is broken.