The EUR/CAD currency pair has encountered significant resistance at the 1.5885 level, marking the end of its recent bullish rally. This resistance led to a swift negative reversal, with the pair settling around 1.5755.
Technical indicators suggest the beginning of negative momentum, particularly with the stochastic oscillator moving past the overbought level. This shift is likely to pave the way for further bearish movements. As a result, the pair may face additional losses, potentially reaching the 1.5630 support level. If the bearish trend persists, the 1.5520 level could come into play as the next point of resistance.
For today’s trading, the expected range for EUR/CAD is between 1.5630 and 1.5810.
Trend Outlook: Bearish.
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