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EURCAD Plunges Below Multi-Year Channel Support
Last Thursday I released commentary titled EURCAD Fifteen-Month Uptrend at Risk Below 1.5200. That price marked ascending channel support that extends from the 2017 low. Although the May 10 session broke below support on an intraday basis, sellers were unable to close the session below the 1.5200 handle. As such, we were left waiting. Sunday’s forecast reinforced the idea that the pair was vulnerable, but that a breakdown remained elusive. Fast forward to today, and we can see that the EURCAD has taken out last week’s low at 1.5149. In fact, the pair is currently trading at levels last seen on January 17. ... (full story)