EURCAD is not the best pair to trade in my opinion. That doesn't mean we cannot find possible good entries. It seems to reject or more like resist of the 200 EMA on both the daily and weekly. Currently the 200 EMA weekly is basically the blue bottom trend line. You can see on the daily that the 200 EMA gets hit and rejected quick frequently. As we just have a very large daily candle on I expect we're heading back up to the red line.
My advice would be to look at shorts that touch the red line and reject (intraday) and longs from the blue. We are slowly squeezing and I expect in Q4 we're going to have some interesting movements for this pair.
My advice would be to look at shorts that touch the red line and reject (intraday) and longs from the blue. We are slowly squeezing and I expect in Q4 we're going to have some interesting movements for this pair.
Comment:
It seems this pair continues to bounce of the bottom blue lower trend line. I'll be watching for any breaks and retests for shorts. Likewise if it heads up, I'll be looking at longs.