The EURCAD pair has been displaying interesting market trends after a recent consolidation period and a significant support level break.
Sideways Consolidation and Market Shift
Following a period of sideways consolidation, the EURCAD pair, oscillating in the trading range between 1.4548 and 1.4763, has broken below the 1.4548 support level. This suggests a resumption in the downside movement, which initially began from the peak at 1.5042 on November 21, 2023.
Projected Further Decline
After a brief period of minor consolidation, the market could likely continue its decline, targeting the 1.4400 area.
Eyeing Immediate Resistance Levels
The immediate resistance level for EURCAD stands at 1.4629. A break above this level could potentially drive the price back to retest the 1.4763 resistance threshold.
In conclusion, the EURCAD currency market showcases a resumed downside movement post a consolidation period. Future market movements will depend heavily on progression around the pivotal points of resistance and support levels.