EUR/CAD Under PressureEuro / Canadian DollarFOREXCOM:EURCADFOREXcomEUR/CAD is under pressure after failing to close above 1.6220 (50% Fibonacci extension), and lack of momentum to hold above 1.6050 (38.2% Fibonacci extension) may push the exchange rate toward 1.5950 (100% Fibonacci extension). A move/close below 1.5830 (23.6% Fibonacci extension) brings the monthly low (1.5805) on the radar, with the next area of interest coming in around 1.5590 (78.6% Fibonacci extension). At the same time, EUR/CAD may defend the advance from the start of August should it struggle to close below 1.6050 (38.2% Fibonacci extension) but need a close above 1.6220 (50% Fibonacci extension) to open up the June 2009 high (1.6326). --- Written by David Song, Senior Strategist at FOREX.com