EURCAD scenario for a recovery to 1.49000

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EURCAD potential short-term recovery to 1.49000 level. We see a slight breakout of the downtrend and transition into a sideways trend. Now, we need a stronger bullish momentum for our bullish scenario. We will go to a new November low if that does not happen.

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A new jump in US CPI further supported the dollar index, which negatively affected the European currency, and EURCAD continued to slide. Potential support 1.46500-1.47000.