EUR/CAD has recently broken down through the horizontal Key Support Level 1.2853 on the 4-hour charts. The significance of this level is measured by us at the 3 bar level. The breaking of this support level continues the strong downtrend visible on the daily and the weekly EUR/CAD charts. The pair is expected to fall further toward the Forecast Price 1.2772 in the nearest time. This price level stands very close to the longer-term major support level 1.2776, which had previously reversed the pair sharply up at the start of last year (as is shown on the second chart below). This level should be broken on a closing basis for the pair to fall further.
The following weekly EUR/CAD chart shows the previous price action close to the support at 1.2776:
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