Today we follow up on the EURCAD currency pair. We analyzed this pair last month .Recently we’ve seen the pair trade within Resistance level 1.48300 and Support level 1.46353 .Last month price found resistance at level 1.51919 . Since then the pair has been ranging within the said level. Below is a link to the previous analysis . https://fxsits.com/eurcad-price-action-follow-up-2/. In the time of this writing price is trading below the resistance level 1.48300.

EURCAD Daily chart 30 June 2021
EURCAD Daily chart 30 June 2021

If price does manage to move bullish. Breaks resistance level 1.48300 and holds. Then we could see level 1.50230 being exposed and if it continues to move bullish then price level 1.51919 will be the target. However, if we see price move bearish and break past the support level 1.46353 .We may see price continue its bearish long term. Thus will forming a new lower low for 2021.We at FXSITS still believe a long term bearish price action is possible for the pair. We just need to be patient and see what price does .If it breaks either ways then we can get its true direction .

Attached are the Daily and H4 time frame charts for your reference and proper understanding when reading and how trade the the pair and profit from it as well.

EURCAD H4 chart 30 June 2021
EURCAD H4 chart 30 June 2021

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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