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EURCAD

EURCAD: Support breakout, continuation following retest?We can see that EURCAD has been on a downtrend since the last week of August. With Oil prices rising I think the fundamentals for the Canadian Dollar continue to look good, the EURO on the other hand doesn't have much going for it. I have noted a break through support and looking for a short any time soon, there's minor support at 1.402 which will be my target, however I think this won't put up too much of a fight and we'll be down around 1.375 soon.
Short
by Finchcliffe
EUR/CAD Under Pressure Below 1.4200 as Crude Oil SurgesEUR/CAD Under Pressure Below 1.4200 as Crude Oil Surges EUR/CAD continues to face downward pressure, trading below the psychologically significant level of 1.4200 during early European trading on Thursday. This decline can be attributed to the notable surge in crude oil prices, driven by a combination of factors including supply constraints and optimism about the Chinese economy. Crude Oil Prices Soar Crude oil prices have experienced a remarkable rally, reaching levels not seen in over a year. This surge can be attributed to ongoing signs of a tightening global supply and cautious optimism regarding China's economic recovery. China, as the world's largest oil importer, plays a pivotal role in the global oil market. WTI crude oil prices have been on a winning streak, trading above $93.20 per barrel at the time of writing. EIA Crude Oil Stocks Change Data The latest data from the Energy Information Administration (EIA) regarding Crude Oil Stocks Change for the week ending September 22 added to the bullish sentiment. It revealed a decrease in oil stocks by 2.170 million barrels, surpassing the 2.135 million drawdown seen in the previous week. Market expectations were for a more modest decline of 0.32 million barrels. Impact on EUR/CAD The decline in US crude inventories has raised concerns about the potential economic fallout stemming from rapidly rising borrowing costs. This has further bolstered WTI crude oil prices. It's important to note that Canada is one of the largest oil exporters to the United States (US). Consequently, the strength in crude oil prices can exert downward pressure on the EUR/CAD pair. Technical Analysis From a technical perspective, there is evidence of a breakout from the neckline of a Head & Shoulders pattern. This technical pattern suggests a potential continuation of the bearish trend, indicating the possibility of further downward movement in the price of EUR/CAD. Conclusion EUR/CAD remains under pressure, trading below 1.4200, as crude oil prices surge to over one-year highs. The bullish momentum in oil markets, driven by supply constraints and optimism about China's economic recovery, is a significant factor affecting the pair. With concerns about rising borrowing costs and their potential economic impact, the outlook for EUR/CAD remains uncertain. Technical indicators also support the notion of a bearish trend continuation. Traders will closely monitor developments in both the energy markets and economic data to gauge potential trading opportunities in the pair. Our preference The downside prevails with Targets: 1.4100 & 1.4000
Short
by FOREXN1
6
EURCAD Trade IdeaThe EURCAD has currently reached a pivotal support level following a significant downtrend. It is evident that the price has become over-extended, signaling a potential retracement in the near future. Our trading strategy entails establishing a short position should the price retrace into our predefined selling zone. I adhere to a prudent approach when determining position sizes, typically allotting approximately 0.2% of my account balance to each trade, with a maximum exposure of 2% at any given time. It is essential to emphasize that this information should not be construed as financial advice, as trading carries inherent risks. Emphasizing the implementation of robust risk management techniques is of paramount importance.
Short
by fxtraderanthony
Bearish Outlook: EurCad's Potential 500 Pip Drop AheadSince the beginning of 2023, EurCad's price has been trading above 1.4250, a level that became a very important line in the sand, with a test in January, February, and back in June, Recently, the price came back to this level and after only one day of consolidation, yesterday broke under. This is a very important break for the pair and opens the door for further losses. As we can see from the chart, yet another important break happened at the beginning of the month- The ascending trend line support- and also the price action from the past 12 months resembles an H&S. All in all, I expect a drop of around 500 pips in the coming months and a positional trader could take advantage of such a trade.
Short
by Mihai_Iacob
9
EURCAD ↗️ ↘️ Analysis (double Bottom ) Hello Everyone 🙋🏽‍♂️ As we could see at the end of the descending channel, we had Double bottom and the most recommended movement after the This move is a ascending trend, so we had two scenarios her as we could se on the chart, 1️⃣ first one is the ascending trend which is the most common move to this pattern after testing the price 1.43900 2️⃣the second one is the descending move in the rectangle which is it possible movement after the price change the channel movement 1.42700 We are not responsible of any losses for anyone, our trades are profitable more for long terms and we take losses as everyone, manage your lot size as well and your SL and TP Don't forget to hit the like bottom and write a comment to support us. Follow us for more 🙋🏻‍♂️ Best Regard / EMA Trading . Disclaimer: ---------------- It's not a financial advise, As everyone we take losses sometime but for long term trading we are profitable traders, so manage your account well with SL and TP and your lot size to keep your account safe and stay in the market .
by EMA_Trading
4
EURCAD Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
Short
by ShahedZare
EURCAD At a tipping point. Trade according to this Support Zone.The EURCAD pair has been decreasing since the August 30 High that formed the 1.48250 Resistance (1). Being below both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line), the long-term outlook looks bearish, considering also the fact that we may have completed a huge Head and Shoulders pattern since December. However, the price is decelerating the downtrend as it approaches the 1.42850 - 1.42400 Support Zone (1 & 2), so as long as it holds, we will be bullish short-term targeting the Symmetrical Resistance Zone at 1.46000. If the price breaks below Support 2 (1.42400) we will instead sell and target 1.40250, which would be a -5.50% decline from the August 30 High. Both targets are respectively on the top (Lower Highs trend-line) and bottom (Lower Lows trend-line) of a potential Channel Down pattern that might emerge if the Head and Shoulders prevail. Note that the 1D RSI is currently oversold, which currently favors the bullish case. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
1
EURCAD Long Trade IdeaThe EURCAD trading chart has just presented a bullish trading opportunity As indicated by the bullish harami candlestick pattern just above the 1.42841 horizontal support level. If the bullish move is strong enough, price could be headed towards the 1.48000 psychological level. Given that price has already broken below 👇 the trend 📉 line, it could still break above it towards the psychological level earlier mentioned. The recent downward move, before this reversal indicated by the bullish harami candlestick pattern, was as a result of the positive Consumer Price Indices (CPIs) of the Canadian economy. As always, do not risk more than you can afford to lose on any one trade. Happy trading!
Long
by charles-okoukoni
3