Today's 200+pip move may be deterrent for any long positions, though. Such a vertical decline is not quite a frequent occurrence. EURCAD has suffered in the wake of the sell-off that's happened today in EURUSD. In case you wondered how deep the potential correction might be, the blue boxes show the size of prior ranges that were observed at the recent tops (not such a distant memory). They may contain the future price action, but may just as well be exceeded, as price might go up to the red trend line, which is based on the mid-Oct. highs. That would coincide with Fib 0.382 retracement, so this would make it a fairly good target.