The pair has formed double top pattern with peak 1 at 1.6105 and peak 2 at 1.5913 levels.

Break out below 1.4949 and the neckline of double top has more downside potential, currently at 1.4562 levels after testing support at 1.4537 levels, reached almost close to 3 months lows.

From yesterday, selling momentum is reduced as the bulls are holding stronger supports at 1.4949 levels, however, the bearish trend remains intact as the both leading and lagging indicators are still favouring bearish environment.

Intraday sentiments have been bearish bias, 21DMA has just crossed over 7DMA at that juncture which is sell signal (see yellow colored circle).

We could also see the vigorous momentum taking place again from last couple of hours in these slumps as both leading oscillators are converging downwards to these slumps on intraday charts, this can even be coupled with MACD's bearish crossover on both intraday and daily charts.

RSI on daily terms is currently converging downwards at 29.2222, while %D crossover even below oversold zones.

Trade Tips:

Taking above technical reasoning into consideration, it is good to buy at every dip and bring in leveraging effect using 'One touch binary puts' with OTM strikes for a minimum targets of 30-35 pips.

The payoffs of touch option has been conditional, if EURCAD in this case would touch the OTM strike price within any time period by the time of expiration, if the investor predicts correctly and the asset touches the strike price the option expires "in the money".

This is likely to generate an exponentially high return of between 80-90% to the binary option investor.