EURCAD: Bearish Move in Sight – Targeting 1.4600

The EURCAD pair is showing clear signs of bearish momentum, and we’re expecting an exciting move from 1.4751 down to 1.4600 in the next leg. Here’s why this setup could be worth your attention:

🔍 Technical Analysis Breakdown
Resistance Holding Strong:

The pair recently tested a key resistance zone at 1.4750, which aligns with a Fibonacci retracement level and prior swing highs. Sellers have defended this zone effectively.
Bearish Candlestick Confirmation:

Recent price action shows rejection at resistance, with bearish engulfing candles indicating a potential shift in market sentiment.
Smart Money Concepts (SMC):

Institutional order blocks near the 1.4750 zone suggest big players may be positioning for a downward move.
Trend and Momentum:

The overall trend remains bearish on higher timeframes, with a descending trendline and lower highs confirming the direction. Momentum indicators like the RSI are also hovering near overbought territory, signalling room for a drop.

🎯 Trade Setup
Entry: 1.4751
Target: 1.4600
Stop-Loss: 1.4800 (above resistance for a safe cushion)
Risk-Reward Ratio: ~3:1 (excellent for risk management)

⚠️ Risk Management
Always trade with proper risk management. This analysis provides insights, but the market can be unpredictable. Adjust your lot sizes and stop-loss levels according to your account size and strategy.