Nick Nasad
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EUR/CAD - Initial Topping Signs or Buy The Dip Opportunity?

Interesting pattern here in the EUR/CAD as it shows some semblance of topping action (which is a theme across Euro crosses like EUR/GBP and EUR/JPY).

  • I see a sideways head-and-shoulders pattern here where the neckline looks to have broken.
  • Also, an upward sloping trendline break.
  • The horizontal resistance level now comes in at 1.3945.
  • It may just be a short-term dip, and an opportunity to get in on the long side of the trend that we have seen over the last 3 sessions.
  • The key short term level of support comes in around 1.3880.

- Nick