IvanLabrie

#EURCAD: Bottom's in

Long
FX:EURCAD   Euro / Canadian Dollar
I suspect the $EURCAD cross pair is reversing in the weekly timeframe here, we might see a substantial rally as oil could be peaking here, and the $Euro is oversold.
The setup calls for a potential rally to 1.53, with risk down to 1.47 if the trade fails. Ideally you try to get in on dips after the market is open, keep an eye on price action for an entry. Alternatively you can average in during the day to not be left out in case there's no retrace.

Cheers,

Ivan Labrie.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Crypto, Equities and Commodities. Contact me here or @ http://www.fb.me/LabrieTrading

Comments

Wait your posted 2 weeks ago that OIL had potential for a huge rally up to like 100$ and that you had a trade active long. Now you're here that oil could be peaking here?
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@brgod, yes it's very possible commodities are weak and we get a big trend in growth stocks and bonds.
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dorfmanmaster IvanLabrie
@IvanLabrie, commodities are definitely weakening with China's crackdown, but Oil isn't really following. OPEC knows demand is increasing globally, and people will need oil to travel. I'm still with you on the $100 target.
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