EURCAD is consolidating after a sharp rebound from lower levels, but the overall structure still hints at a bearish setup. The price is now approaching a key resistance zone around 1.5000–1.5120, a level where sellers have historically shown strong activity. Will the resistance hold, or will buyers push further? The reaction here will be critical.
The current setup suggests that the price may retest the resistance zone before being rejected and starting a move toward the support at 1.4862. A break and consolidation below this level could open the way toward deeper support around 1.4700 and potentially lower.
However, a breakout and consolidation above 1.5120 would invalidate the bearish scenario and signal a potential continuation of the bullish trend.
The current setup suggests that the price may retest the resistance zone before being rejected and starting a move toward the support at 1.4862. A break and consolidation below this level could open the way toward deeper support around 1.4700 and potentially lower.
However, a breakout and consolidation above 1.5120 would invalidate the bearish scenario and signal a potential continuation of the bullish trend.
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