EURCAD             has recently been in a significant downtrend on our higher timeframes and now looks to be holding at a key support zone around the 1.4750 area. The market then formed a double bottom pattern and has changed cycle on the 4hr chart. This is key in looking for a potential reversal set up. Looking to our fibs the double bottom neckline and previous highs holds 61.8 fib confluence. This is a good area to look for a long set up with stops below key lows targeting the resistance and fib extension of 1.618.

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