samlarb

EURCAD Short Opportunity

Short
FX:EURCAD   Euro / Canadian Dollar
Price has been operating within a descending triangle and looks to be about to break out very soon. I favour a move to the downside due to the CAD fundamentally looking bullish as a result of recent oil news and the fact that EURCAD is currently in a downtrend. Take profit is placed at a strong lower level of support (on higher timeframes) with the stop loss just above a small resistance level that price is being rejected by.