FullTimeTrader
Long

EURCAD-Convergence Diverge + EW Correction ABC

FX:EURCAD   Euro Fx/Canadian Dollar
244 2 4
This idea is pure technicall because fundametally the Euro             is still weak, sometimes we must decide between these two opposite reasons.
According to my previous idea:
EURCAD-Multiple reasons to go long

There's a good chance now for the correction ABC to be completed.
There are some good reasons for that:
-Price is bouncing at the daily and weekly trendline
-Price is oversold
-Nice Convergence-Divergence area (price is making a convergence on D1 and a divergece on H4)
There are 2 clear targets
Happy Trading
Olu
2 years ago
I like the idea a lot. Yes the eur is inherently weak but the cad is also weak and the usdcad is attempting to break north. 1.1200 seems to be the line in the sand for usdcad. A little bit of usdcad weakness plus sideways movement or strength in the eurusd will lead to an upmove in the eurcad.
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sometimes it's not about strong and weak, the Canadian economy is a very good buy on the long run, there are 2 long stories out there about the weak cad, in short one says the government wants a weak cad, the other says USD shadow. in both cases I am long too on EURCAD with more conservative targets 1.46 -1.472. happy trading and thanks for sharing.
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