EUR/CAD Will Likely Continue Falling

EUR/CAD briefly moved to the upside today after several days of gradually moving to the downside and bouncing off from the support at 1.5315, but the pair quickly encountered a resistance at 1.5455 and bounced off from it as well. What is more, in the process of doing so the pair formed a hanging man candlestick and a shooting star candlestick, both on the four-hour time-frame, which is a very good signal for a further move to the downside. Currently the pair is testing the support at 1.5315 once again and considering the aforementioned signal it is more likely to break out below that level than to form a double bottom.

If it does break out below that support next target will probably be at 1.5120, which is the last low.