“EURCAD is currently consolidating the sharp fall experienced from November till December 2016.
However, with a major top still in place we remain bearish and look for an eventual break below 1.3820 to turn the core trend lower again for the 61.8% retracement of the 2012/16 rise and potential trend support 1.3648/25 next.
We would expect a renewed basing effort here. However, below it would then aim at 1.3520, potentially the April 2015 major low at 1.3024.
Resistance shows first at 1.4368/94 with “neckline” and 200-day average barriers at 1.4441/47 ideally capping to keep the overall trend still bearish”.
Copyright © 2017 Credit Suisse, eFXnews™
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