The EURCAD is testing weekly channel support.

Last week we highlighted the NZDCAD which had the potential to rally. Today, we will highlight the EURCAD which is sitting on weekly trend line support. In addition, the pair is just about 50 pips below a key Fibonacci level at the 1.4692 level, but when you are talking “weekly” charts, you can say we are pretty much on it. A reaction from here would be expected, but a break lower could target the 1.4500 level in fairly short order.

EURCAD Channel Support

Blake Morrow