Macroeconomic data from US caused sharp downward movement in EUR/CAD. Rebound occurred when price moved above 1.5580 area which is nearest support. US retail sales were better than forecasted. Similar price reaction occurred at EUR/USD.
In a longer term EUR/CAD moved in an uptrend and in mid-January there were corrections that reached 50% of previous upward movement. New upward impulse is very dynamic and since last 9 days there was only 1 session of declines. It is likely that currently downward movement should occur but in a long term uptrend should continue. Nearest resistance is at 1.5950, supports are located at: 1.5580, 1.5430, 1.5240.
Time-frame M30
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