EUR/CAD faced stiff resistance near confluence of channel limits at 1.55/1.60 earlier this year and embarked on a retracement. It confirmed a double top and has almost achieved the projected potential at 1.40. Since then a rebound is being witnessed and it is now hovering close to a multi month upward trend at 1.4850 which also corresponds with 76.4% retracement from April highs. Daily indicator is now approaching towards a ceiling suggesting a move beyond 1.4850 will be needed for a larger recovery towards graphical levels of 1.51. 1.45 cushions immediate downside.
(Societe Generale)
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