EURCAD is approaching our first resistance at 1.1519 (horizontal overlap resistance, 38.2% Fibonacci retracement, 100% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 1.5093 (horizontal swing low support, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
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