EURCAD - A little breath after the rally
After breaking out from it's consolidation on the end of February and rallying up like crazy, EURCAD made a little break, did a retracement to the 61.8% level of the rally, and it seems like it's going for another leg up, or at least a last little push.
We can work with these 2 situation, and for that we have a mid target on 1.55900. If it manages to reach that level, we can think about what we do next.
Talking about the entry, we can se that, apparently, EURCAD did a false breakout on the support level of around 1.52000. After that, managed to break the trendline and made a retest of the blue support level . Now we can expect it to keep going up, using a stop loss below the support level , around 1.51700.
We can work with these 2 situation, and for that we have a mid target on 1.55900. If it manages to reach that level, we can think about what we do next.
Talking about the entry, we can se that, apparently, EURCAD did a false breakout on the support level of around 1.52000. After that, managed to break the trendline and made a retest of the blue support level . Now we can expect it to keep going up, using a stop loss below the support level , around 1.51700.
Comment:
Change stop loss to entry or below, depending on your strategy.