The EUR/CAD currency pair is a good tool to measure how each of the currencies is doing individually, without the impact of US fundamental events. It seems that the common European currencies medium term surge is about to end against the Canadian Dollar. The reason for that is the fact that the currency pair is getting squeezed in a very small triangle pattern, which had come into existence as a result of the medium term channel reaching the resistance of the dominant, long term ascending channel. Most likely a breakout to the downside is about to occur, which will end in the pair reaching the support of the 38.20% Fibonacci retracement level at 1.4929. The retracement is measured by connecting the 2016 high and 2015 low levels.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 1.5379/1.5401 | 23.60% Fibo; weekly R2 | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 1.5274 | Weekly R1 | RSI (14) | Neutral | Sell | Neutral | ||
| R2 | 1.5240 | Trend line | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 1.5199 | Monthly R1 | ADX (14) | Neutral | Buy | Neutral | ||
| S1 | 1.5130 | Trend line | CCI (14) | Neutral | Neutral | Sell | ||
| S2 | 1.5088 | Weekly PP | AROON (14) | Buy | Buy | Buy | ||
| S3 | 1.5050 | 55-period SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 1.5015 | 100-period SMA | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |