EUR/CAD Bearish

On the daily timeframe where EUR/CAD has been forming bearish market structure printing lower highs and lower lows. Recently price showed a rejection off the 1.4470 area which gave it a push back to the upside.

This has not led to the market structure changing, so we are still watching for an overall lower high. As you can see price has current reached as far as the Ichimoku cloud which aligns closely with the 1.48683 resistance. From this area we have seen two rejection candles followed by indecision.

From here we can see the potential of price heading bearish. The weekly candle has also closed showing selling pressure which is a nice further confluence. Bears' first target would be at the 1.43744 support which price came close to previously, this would also form a new lower low.

Chart: EUR/CAD D1