Today's BoC decision to cut its asset purchase program led to a strengthening of the Canadian currency. We observe sell-off not only on the USDCAD mentioned in the previous entry, but also on EURCAD or other CAD currency pairs.
Let's take a look at the technical situation for the Euro against the Canadian dollar. Looking at the daily chart, sellers appeared at the major resistance today. The purple zone at 1.5200 is marked with the upper limit of the 1: 1 structure and 38.2% Fibonacci retracement of the entire downward wave that began in July last year. If today's session ends at or below the current level, a bearish engulfing candlestick pattern will appear on the chart.
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EURCAD interval D1. Source: xStation5
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