EUR/CAD Will Likely Start Falling

The EUR/CAD movements tend to be quite choppy and difficult to analyze, but in this particular case the pair has formed a very clear signal for a likely move to the downside in the next few days to a few weeks. Namely, it moved sharply to the upside to a high at 1.5370 before bouncing off from that level and in the process of doing that the pair formed a clear shooting star candlestick as well as a hanging man candlestick on the weekly time-frame. Those candlesticks, especially together one after the other, are a good indication that there will probably be a drop soon. If that occurs EUR/CAD will probably fall towards 1.4860, and a breakout below that support could lead to a further drop to 1.4640, which is the (MA)89 indicator on the weekly time-frame.