Since making the 1.3022 low on the year, EUR/CAD has been making the case for a bullish reversal. The daily chart shows a completed and tested kilroy - inverted head and shoulders - pattern. Price rallied to 1.45 before retreating. EUR/CAD Daily Chart 7/29(click to enlarge) This week, it appears EUR/CAD is starting at least a near-term bearish trend. Now, a near-term or short-term trend could provide an "opportunity" for bulls to "buy-on-a-day". To the downside, the first key support area will be around 1.39-1.3910 area. Now, if we get a deeper bearish correction, we might look for support around 1.3760-1.3770. This i a previous support/resistance pivot. When we look at the weekly chart, we can see that around 1.3750, we have the 200-week SMA and a previous support pivot from January 2015. EUR/CAD Weekly Chat 7/29(click to enlarge) A break below 1.3750 at this point might put the bearish outlook back into play. Otherwise, we should look for the market to buy on this dip.