EURCAD analysis for today is carried out on a 6 hour time frame that covers over 22 months of price action.
The bullish trendline in the EURCAD lasted over a year and 4 months before price closed below it for the first time on May 16, 2018 at ~ 1.52063, indicating a possible trend change.
The bearish swing in price from ~1.61405 to 1.47678 ended up with a falling wedge chart (also mentioned in another trade provided to members here) pattern that saw price break to the upside, terminating at 1.56537. This provides the basis to set up a sideways trend for the EUR CAD and also a bearish channel (tentative) shown on the chart help to provide context for price action.
A break below 1.47516 could see price reach the bottom of the bearish channel and a close below the channel would imply acceleration of bearish momentum.
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