• EUR/CAD - Fibonacci + Trend-Line Rejection •
• As of right now we are expecting to see a potential up-trend continuation for this pair. It seems that price has managed to reject our Weekly Trend-Line as well as our 61.80% Fibonacci (Which aligned with our Weekly Trend-Line). This is giving us a indication that this pair still has more bullish momentum at hand. Despite price not being that favorable; price has failed to actually break our Weekly Previous Low, which gives me a strong confirmation that we can potentially see more upside and reach our expected T/P around our Fibonacci Extension area.
• We do have some Euro news coming out later today which can affect this pair. We are hoping that price doesn't get to volatile and manages to stop us out and later go into our direction. We do have bank holidays later this week for both the Euro and the Canadian Dollar, which leads me to believe that if this trade does NOT get stopped out, we are probably going to hold into the middle or even the end of next week. So a lot of patience is going to be required.
• If price manages to stop us out we will be suffering a -1.00% loss to our account. Which isn't ideal, however; if we see that we get stopped out and price manages to break our Weekly Previous-Low. We will be watching this pair to see if price rises back up to re-test that area. If we see that and manage to get a rejection we will be looking to go short. However; this is something we do NOT want to happen.
• We do have some Euro news coming out later today which can affect this pair. We are hoping that price doesn't get to volatile and manages to stop us out and later go into our direction. We do have bank holidays later this week for both the Euro and the Canadian Dollar, which leads me to believe that if this trade does NOT get stopped out, we are probably going to hold into the middle or even the end of next week. So a lot of patience is going to be required.
• If price manages to stop us out we will be suffering a -1.00% loss to our account. Which isn't ideal, however; if we see that we get stopped out and price manages to break our Weekly Previous-Low. We will be watching this pair to see if price rises back up to re-test that area. If we see that and manage to get a rejection we will be looking to go short. However; this is something we do NOT want to happen.