justatrader
Short

EURCAD - Down we go

FX:EURCAD   Euro Fx/Canadian Dollar
155 0 5
Price finally managed to break the support at 1.4035 levels which kept bouncing off for more than a few weeks. Looking to sell EURCAD             on retracement to 1.4035 levels, targeting 1.36 rounded off. While the RR might not be that good, the probability for this trade to drop lower is a reason enough to go short. Stops placed at a technical level of 1.443. A break above this level would invalidate the entire analysis.

As a caution, look to the lower resistance line of the channel which should keep prices inside the bearish channel.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
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