EUR/CAD started to print lower highs and lower lows suggesting that the downtrend has been established. The pair is trading below both 50- and 200- Moving Averages and today on a corrective wave up rejected 50 MA.
Fibonacci applied to that corrective wave shows potential downside targets, where 361.8% (1.4280) corresponds with the lower trend line of the descending channel.
Consider selling EUR/CAD at the current rate (1.4555), targeting 361.8% Fibs (1.4280). The suggested stop loss 1.4720.
Support: 1.4467, 1.4372, 1.4278
Resistance: 1.4620
From www.instaforex.com http://ift.tt/2fUece2
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