The EURCAD looks to be forming a descending triangle formation in the 3-hour chart (indicated by the yellow lines) as it consolidates around the 1.28 area. We can see the formation taking place inside the downward trading channel (indicated by the blue lines) that had started last November of 2009. The MACD and stochastic are pointed downwards. Still, a drop below the 1.2729 support line would be the main factor for the breakdown and once it does we might see the EURCAD head towards the 1.26-1.27 area.
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