The EURCAD currency pair has reached a critical resistance level

The EURCAD currency pair has reached a critical resistance level at 1.505, signaling an opportunity for selling.

From technical side

• This pair has recently encountered strong resistance near the 1.500-1.505 area, where it has failed to break above these levels multiple times.
  
• RSI has consistently been overbought territory above the 70 level. Euro is now overextended and due for a pullback.
  

From fundamental side

• Recent economic data from the Eurozone has shown signs of slowing growth, with inflationary pressures remaining above the European Central Bank's target, potentially leading to a more dovish stance in future monetary policy.
  
• On the other hand, Canada's economic outlook has been more resilient, with solid GDP growth, rising oil prices, and an increasingly hawkish tone from the Bank of Canada.
  

First Target: 1.498 area being 0.382 retracement level

Second Target: 1.493 area being 0.618 retracement level in conjunction with previous top