In a striking move, EURCAD has broken below the 1.4625 support level, signifying that its climb from 1.4548, which culminated at 1.4726, has now wound up.
Looking forward, in the days to come, we could likely see a deepening decline, with the next target set at the prior low of 1.4548. Should a plunge below this level materialize, it could set off a further downside adventure potentially heading towards the 1.4400 area.
Meanwhile, we need to keep an eye on an immediate resistance sitting at 1.4685. If the pair can manage to break through this level, it could catalyze another climb to test the 1.4726 resistance. Surpassing this level would then set sights on reaching the 1.4763 resistance.