EUR/CAD Is Bearish

EUR/CAD broke out below the support at 1.5670 where it had formed a double bottom and slowly continued moving to the downside, finally reaching the next support at 1.5530 which coincides with the (MA)89 indicator on the daily time-frame. The pair is testing that support level for now and whether it will breakout below it too likely depends on the fundamentals until the end of the week. If it does we can probably expect a further move to the downside towards 1.5460. A breakout below that level in turn could lead to a further drop towards the same (MA)89 indicator, but on the weekly time-frame, which is at 1.4930, but that is obviously quite a long-term target.