EURCAD recently broke out of a wide-ranging consolidation zone between 1.4400 and 1.4650. The breakout was followed by an upward impulse move, reaching a high of 1.4620 before pulling back slightly.
The current price is testing a key resistance level around 1.4570. A rejection at the current level could lead to a pullback towards the previous support area around 1.4500
And a potential bear flag pattern has emerged on the 4-hour chart. This pattern is characterized by a preceding impulsive move, a consolidation phase, and a downward breakout from the consolidation. If the pattern hold This will lead to move in the favour of the bears.
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The current price is testing a key resistance level around 1.4570. A rejection at the current level could lead to a pullback towards the previous support area around 1.4500
And a potential bear flag pattern has emerged on the 4-hour chart. This pattern is characterized by a preceding impulsive move, a consolidation phase, and a downward breakout from the consolidation. If the pattern hold This will lead to move in the favour of the bears.
If you found this helpful please support your fellow trader with a like.