Last week I pointed out a pending breakout opportunity on the EURCAD. The range that had developed between 1.5315/30 support and 1.5480 resistance was starting to get stretched, suggestive of an imminent breakout. Due to the ascending nature of the channel and the impulsive selloff late last month, I was leaning toward a break below the 1.5315/30 area. In fact, I’m still short the EURCAD from the retest of channel resistance on June 25th. It took sellers just 24 hours following last Tuesday’s commentary to secure a daily close (New York 5 pm EST) below the 1.5315 handle. The next 48 hours produced a drop toward that ... (full story)