EURCAD is currently testing a key level.
Based on a current market sentiment it is quite hard to say whether that structure will be broken or not.
For now, wait for the decision of the market participants:
- To short wisely, wait for a bearish breakout of the underlined yellow structure (daily candle close below).
Then short on a retest.
After a breakout, chances will be high to see a bearish continuation all the way down to 1.45 level.
- To buy wisely, follow a falling wedge pattern on 8h chart.
Once its resistance is broken, it will be a strong bullish signal.
A pullback will be expected to 1.49 level.
Be patient, and let the market decide.
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