EURCAD MARKET ANALYSIS

Good morning traders, its another amazing Wednesday filled with many profitable opportunities in the financial markets and I hope you're ready to take on them wholeheartedly. Into the charts today I'm looking EURCAD where price rallied to a key H1 & H4 supply zone at 1.51044 & 1.50665 which is the origin of the previous drop to the H1 & H4 demand zone at 1.48993 & 1.48405. Price filled the H1 & H4 range from the key H1 & H4 supply zone to the H1 & H4 demand zone and back to the key H1 & H4 supply zone. Price rallied into the key H1 & H4 supply zone and formed a rejection wick with candle close inside supply followed by a drop in a constant push away from supply in 4 H1 bearish candles with candle close below supply. Price retraced to retest supply before a continuation of the drop. Took sell positions during London session at 1.50700 with SL at 1.50950. Setup taken is a rally base drop, a reversal setup and my target is at the H1 & H4 demand zone at 1.48993 & 1.48405. 

Price formed a strong rejection wick on H1 & H4 with candle close below supply followed by 2 strong H1 bearish candles confirming the bearish sentiment. Price dropped 40 pips to the 1st H1 low at 1.50240, failed to break it and instead retraced  back to retest supply again. Price gained momentum during NY session open dropping in one large H1 bearish engulfing candle to 1.49720, taking out the H1 low and forming a lower low confirming a shift in market structure to bearish. Price dropped in one large H1 bearish engulfing candle to 1.49720 which confirmed a shift in market structure to bearish. Price retraced to retest the broken H1 low at 1.50240 then left a strong rejection wick followed by a drop lower. Price dropped 120 pips to 1.4900 and still showed more bearish potential to drop lower back to the H1 & H4 demand zone at 1.48993 & 1.48405. Price gained more bearish momentum into the session and continued dropping to the target H1 & H4 demand zone.