Kumowizard
Short

EURCAD - Bearish again, but with resistances ahead

FX:EURCAD   Euro / Canadian Dollar
70 1 3
Weekly:
- Price has retested the 1,3700-1,3800 key support during last three weeks, but could not close above Kijun Sen, not even above the horizontal line. Ichimoku setup remains strategic bearish on this time frame.
- Heikin Ashi weekly candle turns red, haDelta/SMA3 down, and will likely stay below zero line. This is a signal of a bearish continuation.

Daily:
- Daily Ichimoku setup is still neutral, Price is trading in a thick Kumo, and bears face some stronger resistance ahead ard             1,3400. Please not that 1,3400 is also weekly Tenkan Sen.
- Heikin Ashi signal is firm bearish .

So theoretically EURCAD             is recommended for short, but I don't know how well it can perform, so try to sell it on spikes to catch better risk-reward.
As I wrote in my last comment, I am undecided with the faith of WTI: actually I am becoming less bullish , slightly more bearish on Oil             prices for the coming months, because of reasons such as OPEC meeting, stronger USD, tanker capacities and increasing tanker rent prices, etc. When we look at CAD, we can not ignore the fact that Oil             price effects either.
So for now I'd allocate less on this position, or else, as a portfolio manager I'd consider to sell some WTI futures as well.
Resistance worked on the daily chart. Price still trades in the Kumo. A break above 1,3750 would mean a bullish Kumo breakout and a possible formation of inverted Head and Shoulders pattern. That would hv serious consequences: tgt 1,42
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