📈 EURCAD BUY 📈
💰Take Profit 1 - 1.4583
💰Take Profit 2 - 1.4633
💰Take Profit 3 - 1.4683
❌ Stop loss - 1.4403
Technical analysis:
The EURCAD pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 1.4503, and a buy entry point of 1.4503 is just above the recent low of 1.4483.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the Canadian dollar, and it has been strengthening against the Canadian dollar as concerns about the global economy have subsided.
Second, the European Central Bank (ECB) is expected to raise interest rates more quickly than the Bank of Canada (BoC), which could put upward pressure on the EUR against the CAD.
Finally, the European economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic.
Risks:
There are a few risks to consider before entering a trade on EURCAD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in EURCAD.
Second, the BoC is also expected to raise interest rates, which could put upward pressure on the Canadian dollar.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put downward pressure on the EUR against the CAD.
💰Take Profit 1 - 1.4583
💰Take Profit 2 - 1.4633
💰Take Profit 3 - 1.4683
❌ Stop loss - 1.4403
Technical analysis:
The EURCAD pair is currently in a bullish trend, and it is currently trading near the bottom of its range. The current spot rate is 1.4503, and a buy entry point of 1.4503 is just above the recent low of 1.4483.
The pair is also trading above its 200-day moving average, which is a bullish signal. The pair is also forming an ascending triangle pattern, which is a continuation pattern that typically leads to a breakout to the upside.
Fundamental analysis:
The euro is generally seen as a riskier currency than the Canadian dollar, and it has been strengthening against the Canadian dollar as concerns about the global economy have subsided.
Second, the European Central Bank (ECB) is expected to raise interest rates more quickly than the Bank of Canada (BoC), which could put upward pressure on the EUR against the CAD.
Finally, the European economy is expected to grow more quickly than the Canadian economy in the near term. This is due to a number of factors, including the reopening of the economies after the COVID-19 pandemic.
Risks:
There are a few risks to consider before entering a trade on EURCAD. First, the global economy is still facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in EURCAD.
Second, the BoC is also expected to raise interest rates, which could put upward pressure on the Canadian dollar.
Finally, the Chinese economy is expected to weaken in the near term due to the ongoing trade tensions with the US. This could put downward pressure on the EUR against the CAD.