EUR/CAD Will Likely Retrace

EUR/CAD has been rising steadily over the past few days, but it appears that the move to the upside might be at least temporarily interrupted, as the pair reached the resistance at 1.4730 and formed multiple candlesticks on the four-hour time-frame that indicate an impending move to the downside, namely three hanging man candlesticks, as well as a shooting star candlestick. I expect that the first target will likely be 1.4640, and a possible breakout below that level could lead to a further drop towards the resistance at 1.4530, which is (MA)89 on the four-time frame. On the other hand, when the move to the upside continues – and it will very likely continue, once the pair breaks above the aforementioned resistance at 1.4730, its first target will likely be 1.4880.