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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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EURCAD is facing bearish pressure, potential for further downside!

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Prices are facing bearish pressure from horizontal pullback support in line with 61.8% Fibonacci retracement. Prices might push donw towards horizontal swing low support in line with 100% Fibonacci extension and 127.2% Fibonacci retracement. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.47538

Reason for Entry:

Horizontal pullback support, 61.8% Fibonacci retracement

Take Profit: 1.46692

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension, 127.2% Fibonacci retracement

Stop Loss: 1.47958

Reason for Stop Loss:

Horizontal swing high resistance, 61.8% Fibonacci extension, 78.6% Fibonacci retracement

The material has been provided by InstaForex Company - www.instaforex.com