After
EUR/CAD reached a high at 1.6150 it bounced off from it, halting its bullish
trend, and began retracing to the downside. The pair has last reached a low at
1.5670 but the question is whether it will continue retracing or bounce off
from it too, because the pair formed a distinct double bottom at that level on
the one-hour and four-hour time-frames. If the pair does continue moving to the
upside for now it may rally towards 1.5800 and if it breaks out above that
level it may rise towards 1.5880 which is the (MA)89 indicator on the four-hour
time-frame. On the other hand, if it continues falling and breaks out below the
double bottom it could reach 1.5520, which is the same indicator, but on the
daily time-frame.
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