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Long

Daily EUR/CAD Long

FOREXCOM:EURCAD   Euro / Canadian Dollar
After a nice break above the psychologically significant 1.5 level and trend line resistance, EURCAD is poised to continue its upward momentum. Further, I don't see too much defense on the way up. The 1.518 level is lurking above (yellow ellipse) but we've already witnessed two previous drops from that level, all within 50 pips of each other. In other words, there is a strong possibility this could be a depleted supply area and allow further upside. If it gaps up on Sunday I could wait for the gap to close down and enter at a significant level on the lower time frames. If it continues to push up early in the week, I could wait for the first sign of a pull back. The target area in these two scenarios would ideally be in the 1.505 area. I could also wait one trading day for further confirmation and set a buy stop around the 1.52 zone. What I wouldn't recommend is market buying first thing Sunday on a shitty spread and holding my breath (made this mistake countless times). Think of it as you were a sniper and your target is in range but not close enough for a high probability kill shot. In short, no entry yet, but lets keep an eye for an ideal entry point.
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