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EURCAD recently reversed down from the resistance area lying between the resistance level 1.53200 (previous upward target), upper daily Bollinger Band and the 50% Fibonacci retracement of the previous downward impulse from April. Given the moderately bearish euro sentiment seen today, EURCAD is likely to extend the losses toward the next support level 1.50800 (which has been reversing the price from the end of April – low of the previous waves (1), 1 and (b)).
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