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Eurcadsetup

EURCAD Top-Down AnalysisHello 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
Long
by AP17FX
1
ECAD buy analysis 01/10/2020This 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 usual I would look to secure 10-20 pips and let the rest run. If support is broken there is no trade.
Long
by mcrhf_fx
EURCAD, daily tf with line chart, falling wedge/wolfe waveHello my friends, I sometimes switch to line chart for a better perspective in drawing lines. It eliminate many noises and only focusing on candle close. EURCAD making a nice falling wedge / wolfe wave pattern at daily timeframe in my opinion right now. Price are bullish and moving inside the line i marked. Yesterday candle / friday candle closing below it which could be a false break as today price come back inside the marked area. I am buying EURCAD 1.5580 Stop loss 1.5510 Take profit 1 @1.5650 Take profit 2 @1.5720 Use only 1-2% risk Good Luck
Long
by HayatoDragonFX
3