EURCAD is approaching its support at 1.5095 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.5304 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its support at 1.8% where a corresponding bounce could occur.
EURCAD is approaching our first support at 1.5094 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement) where a strong bounce might occur above this level pushing price up to our major resistance at 1.5307 (horizontal swing high resistance, 38.2% fibonacci retracement).
Stochastic (21,5,3) is also approaching support where we might ...
I’ve endorsed playing the long side in the Euro against the US Dollar, but this risk has also been partly diversified via shorting the Canadian Dollar in favor of the shared currency. The macrostructure of higher highs remains supportive of longs despite the early ’19 setback. We only had to wait until the price came to interact with the right levels, which it has ...
EURCAD is approaching its support at 1.5094 (61.8% Fibonacci retracement , horizontal swing low support) where it could potentially bounce to its resistance at 1.5225 (23.6% Fibonacci retracement , horizontal swing high resistance).
Stochastic (21, 5, 3) is approaching its support at 5.3% where a corresponding bounce could occur.
The fact price came below last low means we might be in a Flat correction. In this case, price usually turns around the 138.2 Retracement level, where we see support from previous price action.
If price moves below the 161.8% Retracement, we will have to adjust our view.
Short term, look to buy around the support zone.
Targets : 1.5260 to 1.5360
Stop : 1.5053 ...
Edging closer to meeting of the 61.8% retrace of 2018 climb & the lower slope of the pitchfork. Lower trend line (pink) also important. See initial reaction to this point.
30 min pitchfork too:
The Euro Canadian Dollar may have more left in the move down.
Although the market has sold off significantly there is a well compressed Minor Pivot Stack formed which is providing a good resistance range against the price retracing back up.
Sell into weakness and the downtrend at 1.50980, then place a stop loss at 1.52840. This makes for a good risk reward ...
The single European currency has been trading sideways against the Canadian Dollar since January 8. The 200-hour simple moving average was providing resistance at 1.5266.
The exchange rate is currently trading near the bottom border of an ascending channel at 1.5232.
If the support level formed by the lower boundary of the channel pattern holds, the currency ...
The Euro vs. the Canadian Dollar. The Euro is the second most popular reserve currency in the world and is considered to be very stable. The Canadian dollar is the seventh most commonly traded currency in the world and is highly dependent on Canada’s exporting of its natural resources, especially oil.
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