During yesterday’s session, the EURCAD retested a level that previously served as resistance on March 27th.
The level subsequently served as support on the 26th and 27th of April shortly after the first round of voting in France.
However, the pair recently closed back below the 1.4940 handle. This area dates back to January of last year, so Tuesday’s close back below it is a sign that further weakness could be in the cards.
Given the ascending nature of the channel below, we would naturally anticipate a break of support.
After all, markets rarely break to the upside of an ascending channel, at least one that is considered to be sustainable.
Source: Daily Price Action
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