The EURCAD price remains affected by the negative pressures, to move away from 1.6100 resistance, forming strong bearish waves, to achieve several negative targets by reaching 1.5620.

 

Forming extra barrier at 1.5870 level and stochastic attempt to provide negative momentum, we expect renewing the bearish attempts until reaching the next main target at 1.5520, facing the moving average 55, which might form a strong obstacle against the attempts of resuming the decline in the near trading.

 

The expected trading range for today is between 1.5520 and 1.5760

 

Trend forecast: Bearish