The EUR/CAD Rally May End

EUR/CAD has been rallying for the past few days, but the rally may finally be over, at least for now, as the pair has reached a strong resistance at 1.4960. The pair formed a shooting star candlestick and a spinning top candlestick on the four-hour time-frame and, unsurprisingly, it started slowly moving to the downside after that. While the candlestick on the daily time-frame not closed yet, if it does close as it is now, i.e. as a shooting star candlestick, it would be a further and stronger signal for an impending move to the downside. Should that move to the downside occur the closest target will likely be around 1.4840.