EUR/CAD: Leveraging Range-Bound Trading Opportunities

FOREXN1 Updated   
FX:EURCAD   Euro / Canadian Dollar
The EUR/CAD pair, since January 1st, 2023, has been traversing within a defined range, characterized by notable reversals between support and resistance levels. Recent market movements have unveiled a potential reversal pattern, signaling opportunities for astute traders.

Initiating from its recent peak at 1.5050, EUR/CAD has embarked on a new trajectory, marked by a reversal pattern that warrants close attention. Notably, during Friday's trading session, the price encountered resistance, failing to surpass the 50% Fibonacci retracement level from its preceding lower low. This development underscores the significance of technical analysis in discerning potential market movements.

Moreover, seasonal trends play a pivotal role in shaping price dynamics, and EUR/CAD is no exception. Historical data indicates a seasonal pattern where prices tend to decline until October. Armed with this insight, traders can strategically position themselves to capitalize on anticipated price movements.

At our trading desk, we are closely monitoring these developments, poised to seize opportunities presented by the current market configuration. Leveraging our analysis, we are inclined to open a short position, targeting the 1.4200 level. However, it's crucial to acknowledge the possibility of further downward movement, potentially breaching the support level of the established range area.

Trade active:
Trade active:
✅ Still Active


🔥 UP to 4000$ BONUS:


🟪 Instagram:

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.