After 3 months in the 1.34 - 1.376 range, the EURCAD pair broke through the lower boundary of 1.34 and renewed its minimum since 2015 below the 1.3 level. A new flat began to form here, this time with an upper bound at 1.32 and a lower bound at 1.302.
The Bollinger Bands have started to come closer to each other, predicting a strong movement in the nearest days. Taking into account that the range of the current flat is 2 times tighter than that of its previous one, it will be quite difficult for EURCAD to hold within the given range for a long time.
In case of a confirmed breakdown of the upper boundary at 1.32, the target of returning to the 1.34 level will be relevant. If quotations go under 1.302, there is a high probability of renewal of minimums below 1.297.
This content is for informational purposes only and is not intended to be investing advice.
