Hello Traders,
Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price faced rejection at monthly resistance zone and started moving downwards. Price also completed W pattern.
W > Price dropped to test previous resistance now turned support and started a pullback to the upside. Price is also finding support of upward trendline.
D > Price moved up to test daily resistance faced rejection and dropped back quickly.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week.
4H > Price had dropped again closer to support trend line, we can also see secondary trendline getting respect with just one violation in last 5 weeks. Price will find it tough to drop and break two support trend lines, hence we expect another upward attempt to test resistance level.
Pair Correlation > EURCAD has positive correlation with EURGBP and negative correlation with CADCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 41 - 05 Oct
M > Price faced rejection at monthly resistance zone and started moving downwards. Price also completed W pattern.
W > Price dropped to test previous resistance now turned support and started a pullback to the upside. Price is also finding support of upward trendline.
D > Price moved up to test daily resistance faced rejection and dropped back quickly.
As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week.
4H > Price had dropped again closer to support trend line, we can also see secondary trendline getting respect with just one violation in last 5 weeks. Price will find it tough to drop and break two support trend lines, hence we expect another upward attempt to test resistance level.
Pair Correlation > EURCAD has positive correlation with EURGBP and negative correlation with CADCHF.
This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.
Thank You
AP17FX
Trade closed: target reached:
Update: Bang on....... EURCAD has met our target. Traders following the idea can exit the trade. 👍🏼👍🏼
