EURCAD attempted to break above the upper border of the wedge pattern on its 4-hour chart but failed, pulling back from 1.4687. This suggests a potential downside move in the coming days, with the target being the bottom of the wedge pattern.
A breakdown below the bottom of the wedge pattern, currently at 1.4535, could signal a resumption of the downtrend from 1.5042. In this case, the next target for EURCAD would be around the 1.4400 area.
On the upside, key resistance is now identified at 1.4687. If the price manages to break above this level, it could trigger a further upside move towards the 1.4760 area.
