EUR/CAD bears seeking downside extension to daily demand area. Discounts are being handed out to the bears as they test bullish commitments. Further to the prior analysis, EUR/CAD Price Analysis: Bears seek a break of hourly support, the bears got what they wished for in a fade on rallies. Prior analysis EUR/CAD’s upside correction has been capped by a significant Fibonacci level and the focus remains firmly on the downside. The following is a top-down analysis that illustrates the bias. Daily chart The daily chart’s trajectory is south which raises prospects of a short opportunity from the lower time frames. 1-hour chart From a 1-hour perspective, the current support structure offers a faster entry point to target the downside from a restest of the support that would be expected to act as resistance. Momentum is bearish and the price is well below the 21-SMA. Live market, 1-hour chart As illustrated, the price has since melted to the downside and bears indeed were able to capitalise on a restest of the prior support structure for a discount on the short side. The price has again offered a discount from fresh lows to a 38.2% Fibonacci retracement that meets prior spike lows, a confluence that would be expected to now act as resistance. That being said, slightly higher up, in line with a 61.8% Fibo, a deeper correction to the higher structure will offer a better discount in seeking a downside extension to the daily demand area between 1.4750 and 1.4695. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Wall Street Close: Stocks drop back to fresh weekly lows FX Street 1 year EUR/CAD bears seeking downside extension to daily demand area. Discounts are being handed out to the bears as they test bullish commitments. Further to the prior analysis, EUR/CAD Price Analysis: Bears seek a break of hourly support, the bears got what they wished for in a fade on rallies. Prior analysis EUR/CAD's upside correction has been capped by a significant Fibonacci level and the focus remains firmly on the downside. The following is a top-down analysis that illustrates the bias. Daily chart The daily chart's trajectory is south which raises prospects of a short opportunity from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.