EUR/CAD’s decline from 1.5783 accelerates after taking out near term trend line support, with 4 hour MACD diving down too. The development is in line with our view that corrective rise from 1.5313 has completed with three waves up to 1.5783. More importantly, the pattern from 1.5978 is resuming with another falling leg.
Further decline is now expected as long as 1.5534 resistance holds. Break of 1.5402 support will solidify this bearish case. Retest of 1.5313 should be seen next. And 100% projection of 1.5978 to 1.5313 from 1.5783 at 1.5118 should be the eventual near term target.
