USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/CAD: a short-term scenario
SELL 1.4960; TP1 1.4930; TP2 1.4915; SL 1.4975
EUR/CAD tested 1.5040 yesterday but then closed below 1.50. As a result, a candlestick with a long upper wick was formed on D1. This will make the near-term movement to the upside more difficult. In addition, the pair remains within the descending channel since the start of the year.
On H4, the interim top will be confirmed in case of the slide below 1.4965 (50-period MA). The downside targets, in this case, will lie at 1.4930 and 1.4915. A close above 1.5040 is needed to open the way up to 1.5140 (200-day MA).
Volatility will likely increase as Canada will publish CPI data later today.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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