EUR/CAD was in a strong and consistent uptrend during the recent months that buyers were successful in achieving the highest price of 1.55813.Price is going toward the support level of 1.52000 (the important psychic level of Sellers) and there is not any clear reason of buy signal in long term time frames such as Weekly and daily.
Right now in Daily and 4H time frames price is under 5-day moving average which shows consistent descending trend. According to the formed movements in the previous week, there is a Spining Top candlestick pattern which shows indecision marker for ascending or descending and there is a warning for stopping of more descending.
RSI indicator in weekly time frame is in saturation Buy area(also divergence mode in Daily time frame) that confirms the current Top price and warns about changing price direction. Generally until the price level of 1.55813 is preserved, price will have the potential for reformation and descending.
Right now in Daily and 4H time frames price is under 5-day moving average which shows consistent descending trend. According to the formed movements in the previous week, there is a Spining Top candlestick pattern which shows indecision marker for ascending or descending and there is a warning for stopping of more descending.
RSI indicator in weekly time frame is in saturation Buy area(also divergence mode in Daily time frame) that confirms the current Top price and warns about changing price direction. Generally until the price level of 1.55813 is preserved, price will have the potential for reformation and descending.