EURCAD: Take heed of this critical level

FX:EURCAD   Euro / Canadian Dollar
838 2 28
EURCAD             is about to test the highest volume price since the Euro's inception, the 52 week MA and also the point of balance downtrend target, obtained using time at mode as a secondary target other than the range one depicted by the red box on chart.

It's likely to see a reaction to this level during this crucial week, so, do pay attention to it.
I will update this chart with a potential entry, in case this level holds, since I expect the oil             weakness to endure, naturally giving us an interesting and very aggressive long trade here.
For now, I remain neutral but do pay attention, this might be a very significant reaction once we reach the critical support below.

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Ivan Labrie
Time at Mode FX
Comment: Touchdown:
Comment: Broke down, let's see if it has follow through.
Comment: Looks good. Might be forming a bottom.
Comment: We might have the long here.
Comment: So beautiful...
Trade closed manually
Comment: (Oil hit a very strong support, it can retrace, so it's safe to wait to rejoin this or at least close partial and /or move stop up)
Comment: This might be a local top. Better stand aside for now, or trail stops and book partially.
Comment: Crude is acting strong, we got a 5.72R trade with that buy stop above the high...stop was never hit because price surged straight up after testing the lows.

Now it might be time to short, I'll update with my entry, crude is acting well, like it's bottoming.
Comment: No short possible...scratch that, just enjoy the pips we had, and Merry Xmas.
Comment: Euphoric action, wonder if we'll cross the monthly resistance right here.
+1 Reply
IvanLabrie tntsunrise
Thanks :p
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