EUR/CAD has been very volatile recently which lead to impulsive bullish and bearish pressure back to back within a short-period of time and range. The price is currently residing above the channel and horizontal support area of 1.50 whereas a break below this level with a daily close is expected to lead to series of bearish pressure in the pair. Today EUR ECB Economic Bulleting was held which did not quite contributed well to the EUR gains leading to further indecision in the pair. The pair is already very low in liquidity today and having no economic events or news from the CAD side the most waited bearish breakout is currently on hold. As of the current situation, the price is expected to have a break below the support area of 1.50 in the coming days which is expected to lead to a new bearish trend with a long-term view of shorting opportunities in the market.
Now let us look at the technical view, the price is currently residing above the Channel support and Horizontal Support level of 1.50 which is expected to break below very soon. As the price breaks below the level with a daily close then we will be looking forward to selling with the target towards 1.4750 support area in the future. As the price remains below 1.53 price area the bearish bias is expected to continue further.