The euro currency is looking weak against the Canadian dollar again, following the pairs recent heavy technical rejection from the 1.4850 area. The EURCAD pair has fallen back under the neckline of a massive head and shoulders pattern on the four-hour time frame. Traders may sell any rallies back towards the neckline of the pattern, around the 1.4730 level, in expectation of more downside.
The EURCAD pair is only bullish while trading above the 1.4725 level, key resistance is found at the 1.4760 and the 1.4820 levels.
If the EURCAD pair trades below the 1.4725 level, sellers may test the 1.4600 and 1.4525 support levels.
