Eurcadshort
EURCADBullish Indicators:
1) Double bottom
2) Support at 1.43192
Bearish Indicators:
1) LH LL
2) Downward Trend
3) Resistance zone at 1.44406 and the upward trendline.
Plan A: After making double bottom one can take a long position from here or on the breaking of upward trendline for the target of 1.46223
Plan B: On the failure of breaking of upward trendline and resistance zone at 1.44406 one can take short position for the target of 1.43192.
EURCAD Broke the Monthly flagHi there,
EURCAD broke the bearish flag on Monthly timeframe, big bearish signal.
As you see oil also changed the trend, and its now in a uptrend after it broke the previous top, but soon oil will make a correction, so eurcad will make a correction as well.
Wait for the price to retest the broken bearish flag, then short it from there to the targets mentioned in the chart.
Good luck
EURCAD - Bearish BiasEURO - Weak Bearish
1️⃣ In an ECB forum, ECB President Christine Lagarde noted that there are no signs of a recent widespread price hike in the economy, while promising that the ECB will be patient before undertaking policy tightening.
2️⃣ Eurozone Sentix Investor Confidence declined to 16.9 in October, from 19.6 in the previous month.
3️⃣ Eurozone retail sales in August were weaker than market forecasts.
CAD - Weak Bullish
1️⃣ Rising crude oil prices support the strength of CAD.
2️⃣ In August, Canada’s trade surplus increased to CAD 1.94 billion, from CAD 0.74 billion in the previous month, and surpassed the market forecast of a CAD surplus of 0.43 billion.
3️⃣ Canada’s IVEY PMI is forecast to rise in September following the easing of restrictions.
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Technical
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We are selling the EURCAD after failed to break the resistance level.
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Risk to this trade
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Any change in sentiment could turn the pair's direction.
Don't forget to like, comment, and subscribe for more ideas.
EURCADBullish indicators:
1) Trading near major support area of 1.46100
2) Bullish Harami candle
3) Falling wedge
Bearish Indicators:
1) LL LH
2) Currently trading in downward trend
Plan A: On the bounce from the support area one can buy for the target 1.47733 first and then for the 1.48075.
Plan B: On the breaking of trendline and support one can sell for the target of 1.45826 where the major support lies.
EURCHF
Bullish indicators:
1) Trading near Support at 1.07492
2) Fib retracement level 78.60%
3) Falling wedge
Bearish Indicators:
1) LL LH
2) Currently trading in downward trend
Plan A: On the bounce from the support area one can buy for the target 1.08320 first and then towards 1.80620.
Plan B: On the breaking of trendline one can sell for the target of 1.06983 where the major support lies.
A wave of hope for the bears | EURCADFX:EURCAD
Hello traders;
Here's my outlook on EURCAD-
We see price-breaking LL indicating a bearish trend and as such, we expect for price to make a successful retrace which will end at the OB before the bullish impulsive move which was initiated by smart money. Once price hits this OB (blue rectangle zone) we expect to see a more impulsive bearish pull to the downside to continue the bearish structure.
EUR/CAD:FUNDAMENTAL ANALYSIS + HARMONIC PRICE ACTION ⚡️The Final German CPI for August was reported flat at 0.0% monthly and increased 3.9% annualized. Economists predicted a flat reading of 0.0% and an increase of 3.9% annualized. Forex traders can compare this to the German CPI for July, which increased 0.9% monthly and 3.8% annualized. The Final EU Harmonized German CPI for August increased 0.1% monthly and 3.4% annualized. Economists predicted an increase of 0.1% and 3.4%. Forex traders can compare this to the EU Harmonized German CPI for July, which increased 0.5% monthly and 3.1% annualized.
French Industrial Production for July increased 0.3% monthly. Economists predicted an increase of 0.4%. Forex traders can compare this to French Industrial Production for June, which increased 0.6% monthly.
Spanish Industrial Production for July is predicted to increase by 5.9% annualized. Forex traders can compare this to Spanish Industrial Production for June, which increased 11.1% annualized. Italian Industrial Production for July is predicted to increase 0.1% monthly and 5.4% annualized. Forex traders can compare this to Italian Industrial Production for June, which increased 1.0% monthly and 13.9% annualized.
The Canadian Employment Report for August is predicted to show the creation of 100.0K jobs and an Unemployment Rate of 7.3%. Forex traders can compare this to the Canadian Employment Report for July, which showed the creation of 94.0K jobs, and an Unemployment Rate of 7.5%. The Participation Rate for August is predicted at 65.2%. Forex traders can compare this to the Participation Rate for July, reported at 65.2%.
The Canadian Capacity Utilization Rate for the second quarter is predicted at 81.2%. Forex traders can compare this to the Canadian Capacity Utilization Rate for the first quarter, reported at 81.7%.
The forecast for the EUR/CAD remains bearish after this currency pair failed to keep its uptrend alive following a lower high.
EURCAD - Bearish BiasEURO - Weak Bearish
1️⃣ Both Sentix and ZEW investor confidence are seen declining due to the rapid spread of the COVID-19 variant Delta in the region.
CAD - Strong Bullish
1️⃣ A risk-on market environment can support the strength of CAD.
2️⃣ Canada’s inflation rate rose to 3.7% in July, from 3.1% in the previous month.
3️⃣ The unemployment rate in Canada also dropped to 7.5% in July, reflecting the reopening of the country’s economy.
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Technical
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We are selling the EURCAD after it failed to break the resistance.
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Risk to this trade
=====
Any change in sentiment could turn the pair's direction.
Don't forget to like, comment, and subscribe for more ideas.