EURCAD, short on the break of the major trend
After today's disappointing data in EU showing that economy is cooling compared to last year, it added further bearish momentum to an already weakened EUR.
A major break of the trend line and 200 SMA shows potential for a short with a good Risk-Reward ratio. Stops can be adjusted depending on how aggressive you are as a trader. Entry below the recent lows to target the next big low, above 1.48 level.
CAD has been relatively quiet since its bull run, but oil prices show no sign of pulling back, so further strength of the currency is probable.
Of course this could always turn into a double bottom since anything can happen in the market.
Happy Trading!
A major break of the trend line and 200 SMA shows potential for a short with a good Risk-Reward ratio. Stops can be adjusted depending on how aggressive you are as a trader. Entry below the recent lows to target the next big low, above 1.48 level.
CAD has been relatively quiet since its bull run, but oil prices show no sign of pulling back, so further strength of the currency is probable.
Of course this could always turn into a double bottom since anything can happen in the market.
Happy Trading!
Comment:
After Friday's quite disappointing data in Canadian core retails sales, the trend line was retested but now seems to continue the move.