After a very short-lived dive under 1.5450 support, EurCad has recovered quickly and reached 1.56 resistance. In the last 4 trading days the pair traded in 100 pips range between 1.55 and 1.56 and I believe this range will be broken to the upside. Buy dips is my strategy for this pair with a soft target at 1.5650 and a medium-term target at 1.57 resistance
MASSIVE LONG!!! - Good for 1500 pips. Here is the Weekly;
The market recently brokeout below the horizontal support of the descending triangle and is currently retracing. Possible sell re-entry at confirmed bounce off downtrend resistance + flip support + fib retracement levels ↘️
This morning we are taking a look at a different pair. We have huge upside potential, providing we can respect support down at 1.55950, and break resistance at 1.56150 and then form a support around that area, we have good confirmations to execute longs with two big ranges to attack. Our first target would be resistance at 1.56750 before targeting 1.57350. As...
I followed this pair closely in the past 2 weeks with a clear idea, the drop from 1.6 is corrective in nature and EurCad should resume its bull run. Now the pair is trading close to downward channel resistance and I expect a break soon. Dips around 1.55 should be bought and as the first target 1.57 should suffice for now.
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all in the picture I advise to check the trade 6hrs from now and book some gains, at least to move the stop into the money. good luck !
From 1.6 top eurcad dropped almost 600 pips but the drop is not impulsive and has a very clear corrective move format. Also if we draw a Fibonacci from 1.51 support we can clearly see that this old resistance zone, now support, is confluent with 61% retracement and we can very well be in a "measured move" pattern. That being said I will look for buy opportunities...
Took a long on EUR/CAD, the market seems to have broken the down trendline, I do have 1 area of concern for a possible resistance (1.56345) Entry 1.55958 Stop LOSS 1.55545 (41 PIPS) Take Profit 1.57601 (164 Pips)
EURCAD long position confirmed with a head and shoulder formation and a RR 1:2
We can see price fell from a key level of resistance, its now retracing We will wait for a break of structure before shorting this pair.. im expecting price to bounce off of one of the fibo levels then break structure Once thats done we can look to short
The counter is currently sliding down in a descending channel. It hit the upper parallel and is coming down strongly. Further, the RSI indicator has formed a head and shoulder pattern. Hence, we expect the pair to be bearish in the near-term.
DISCLAIMER: My analysis is just a trading idea! As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level. Good Luck!
EURCAD is now in an uptrend. Price seems to be exhausting and looking for a pullback for an entry. Look for price to do a retest at the last level that was broken or look for price to make a double bottom at the higher low. These zones also are in line with the fibonacci levels.