As expected, OPEC meeting in Doha is stalemate. EURCAD long
[i]A very fundamentally favoured trade.
OPEC meeting regarding output has ended in stalemate. CAD will be sold off in response to this. EURUSD is also benefiting on medium term readjustment of DXY as bearish momentum picks up. Therefore, EURCAD is a favourable long with the macroeconomic divergence.
Technicals align also
Multiple wick rejections on demand level and support solid here. Short term double bottom formed also. Pinbar indicates buyers ready to propel pair from the trendline. Failed break of the trendline also shows that bearish momentum has weakned at this level.
OPEC meeting regarding output has ended in stalemate. CAD will be sold off in response to this. EURUSD is also benefiting on medium term readjustment of DXY as bearish momentum picks up. Therefore, EURCAD is a favourable long with the macroeconomic divergence.
Technicals align also
Multiple wick rejections on demand level and support solid here. Short term double bottom formed also. Pinbar indicates buyers ready to propel pair from the trendline. Failed break of the trendline also shows that bearish momentum has weakned at this level.
Trade active:
SL set to B/E.
Comment:
For anyone wandering, I entered this long at 5pm GMT on Friday in anticipation of a cliffhanger at the OPEC meeting