maccabean
Short

Trade of the day No.11 Sell EUR/CAD at top of range

FX:EURCAD   Euro / Canadian Dollar
24 0 0
Profit targe is 1.45
Stop loss 1.52

EUR/CAD is trading at top of range with resistance between 1.52 and 1.55. This is where the CAD is oversold at the present moment.

Linear regression on both the 100 and 200 period tells me that the price has room to fall to about 1.45 to 1.40.

On a fundamental basis, CAD will be threatened by the price of oil             drop but I fail how to see this can be sustained with oil             pumping at these prices.
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