Conclusion for today’s analysis:
Minimum expectation for the EURCAD (FX) is 1.45024 if it breaks below support at 1.47623..
The Daily timeframe is examined in today’s analysis for the EUROCAD with previous analysis provided here. Major attention is drawn to the bearish channel (tentative) that is used to put price action into context ever since a price high of 1.61530 was achieved on March 20, 2018.
Besides, the bullish trendline in the EURCAD since April of the year 2015 is also plotted as it is in the vicinity of current price action as of market close yesterday (Monday, February 18, 2019).
1.47623 and 1.45024 represent the support region anticipated to provide a potential bullish swing in market action. Failure at the upper boundary of support (i.e. 1.47623) would have also seen price break its long term trendline.
This implies bearish strength that will be expected to test the bottom of the current price channel as a minimum expectation.
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