EURCAD Aggressive Trade with Potential for Huge GainsI'll keep this short and to the point -
Technical Outlook:
Price recently hit a ceiling which has historically served as resistance (1.51750) , however we have been in an uptrend since late 2022. In Nov 2024 we saw bulls rally at strong levels of demand and continued to drive price upwards, creating a demand feed which price reacted off more recently (as shown on the chart).
Once price reached the ceiling level, it took a nose dive UNTIL we saw it decelerate at the latest demand feed, which could potentially have a trove of resting orders ready to be filled.
Trading Considerations:
I will be keeping an eye on the 15m chart during London and NY sessions for bullish momentum to take hold. As it stands right now, a break above 1.49050 would be early signs to get involved. This can always change as new structure is formed on the LTF's but we are deep in discount territory. Watch for liquidity build up and volume to understand which LTF demand levels could hold during high volume sessions.
Final Notes:
As added confluence, this pair is currently oversold on the RSI.
While navigating the LTF's make sure to adapt to changing conditions.
Again, this is another trade which could potentially turn into a swing position (provided demand holds, we could see an upward move that finally breaks the ceiling).
While the Euro continues to weaken against the USD, the Loonie should be able hold its own during this ongoing trade war (based on the fact that they've not just rolled over and do have some fight in them).
We get to witness these scary times unfold - and it makes trading that much more exciting!
Happy hunting predators!
Apex out!
OANDA:EURCAD FX:EURUSD OANDA:USDCAD
