FX.co ★ EUR/CAD

The carefree decline in the price of the EUR/CAD pair is coming to an end after it was brought back within the daily trading range according to Envelopes indicators, below the resistance level of 1.6200. It seems like it was just yesterday, but we are already close to the bottom of the four-hour trading range, right at the midline of the daily scale. Therefore, from the current level of 1.6048, I expect the EUR/CAD pair to reach the support level of 1.5998, and from there we will see a push from sellers and a return to the resistance at 1.6095. Only if the price fails to rise above this level of 1.6095, another wave of decline for the EUR/CAD pair will follow, with the target of this drop being the support around 1.5866.