Nick Nasad
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EUR/CAD: After Breakout, Projected Move Should Target 1.5180

Following the release of the Bank of Canada interest rate decision/statement, the Canadian Dollar has been sold off sharply across the board.

  • I am going to highlight the EUR/CAD here as we can see that the pair is ready to breach the 1.50 level, which was resistance from last week.
  • With a break of the range that had set up between 1.4820 and 1.50, the first upside target that one can place would be to take the range's height of 180 pips and project it from the break, which would give an upside target of 1.5180.
  • It might not be a straight shot, and a failure to hold the 1.50 level would nullify the idea, but it seems that the CAD is going to be pressured going forward for the next couple of weeks following the statement.