Since August 2021, the price of EUR/CAD seems to be changing its trend and forming a new downtrend channel.
Several areas are to be monitored, in particular the 0.61 points of the fibonacci and the first supply zone at the level of 1.5050 - 1.5250 which is at the intersection of the 2 channels.
Then the second supply zone seems to be a strong resistance, to be monitored as well if EUR/CAD continues to progress. A long-term objective would therefore be to return to the low point of August/September 2022 at 1.2880 PIPS, then to continue on the second demand zone.
Several areas are to be monitored, in particular the 0.61 points of the fibonacci and the first supply zone at the level of 1.5050 - 1.5250 which is at the intersection of the 2 channels.
Then the second supply zone seems to be a strong resistance, to be monitored as well if EUR/CAD continues to progress. A long-term objective would therefore be to return to the low point of August/September 2022 at 1.2880 PIPS, then to continue on the second demand zone.