EUR/CAD Is Testing 1.5050

EUR/CAD has been moving to the downside for the past two weeks and finally found support at the (MA)89 indicator on the weekly time-frame, which is currently at 1.5050. For now the pair continues testing that support, but considering that it has remained above that indicator for the past year whether it will be able to break out below it remains to be seen. If it does, the move to the downside will likely continue and next target will probably be at 1.4840 – 1.4800. If it bounces off from it again, as it has done many times over the past year, it will likely continue rising towards the last high, which is at 1.5580.