The EURCAD attempted to regain the bullish bias by its rally above the broken bullish channel’s support at 1.5945 level, achieving some of the gains by its rally to 1.1600, to face a strong rejection due to entering zones of high liquidity absorption, to rebound to the downside strongly towards 1.5775, confirming its exit from the bullish track again.

 

Forming a strong resistance at 1.5930 level against the current trading and providing negative momentum by stochastic, these factors make us prefer the bearish bias dominance, which might target 1.5660 level, reaching the extra support at 1.5530 level.

 

The expected trading range for today is between 1.5660 and 1.5860

 

Trend forecast: Bearish