Fx-AlphaStrats
Short

EURCAD Weekly forecast. fundamental and technical overview

FX:EURCAD   Euro / Canadian Dollar
The price i currently at the 0.886 Fibonacci level (drawn from (0) to 1.54729
Where i could see the price be in a range zone from 1.55713 to 1.53964 which is also between 0.886 and 1.13 on fibonacci.

The price have been in a strong uptrend, where a trend channel also have formed on the daily chart . The price made a new high before starting to decrease, and can be an indicator of further downside so come. the price performed a Bump and run formation,
(see my other chart from Mar 18)

Long trade levels will be 1.52110 which is also the support line in the daily trend channel and 1.386 on fibonacci.
while confer trade in the range area can be made before any breakouts.

Short trade levels is the current level where a break of the 1.53964 can give further downside to the support line in the trend channel at 1.52110/1.52000 that is also a psychological level. break of this level will force a new analysis of a new short target.


The price can have some struggles to make gains, as geopolitical tensions rise, and therefore rising oil prices, that can give the CAD a boost. also we have a oversold indicator on the RSI that signals a weakness in the upward momentum for further gains.

There is a lot of high volatility macroeconomic data coming out the coming 2 weeks. where interest decision and removal of quantitative easing program will be watched closely by investors/traders.

_____

Long trade.

1. Sold out on RSI .
2. removal of quantitative easing program in talk.
3. easing geopolitical tensions.
4. More output of oil from US
5. Support at 1.53964 that can give a new run to test the latest top.

_______

Short trade.

1. Break of the range zone level 1.53964
2. Weeknes in the RSI .
3. 5 wave sequence
4. Geopolitical tensions.
5. rise in oil prices.
6. steady Interest rate decision with no talks about removal of quantitative easing programs, or postponement of the program
7. Week data Euro zone and Germany

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