- EUR/CAD bulls about to step-up at critical monthly demand.
- The 4-hour chart offers an upside confluence target at a daily 61.8% Fibo.
There is little downside potential left in this cross as the bears penetrate the deep supply on the monthly chart.
The following top-down analysis illustrates where the next bullish play could unfold.
The monthly chart is so far heavily bearish, but the bulls could well throw in the towel at this juncture.
The 38.2% Fibonacci has a compelling confluence with prior weekly support.
This upside potential translates into a 61.8% confluence as well.
The conditions remain bearish for the time being, but a shift in the environment is what the bulls are waiting upon.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.