Bullish bounce off major pullback support?EUR/CAD is falling towards the support level which is a pullback support that aligns with the 88% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 1.48952
Why we like it:
There is a pullback support level that aligns with the 88% Fibonacci retracement.
Stop loss: 1.48500
Why we like it:
There is a support level at the 88% Fibonacci retracement.
Take profit: 1.49680
Why we like it:
There is an overlap resistance level.
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EURCAD trade ideas
EURCAD LONG TO WEEKLY HIGHS [ICT CONCEPTS]Both eurcad and gbcap are trading from weekly lows to the upside.
EURCAD tapped into a bullish fvg with a smt divergence with GBPCAD. The hourly structure shifted and bullishnes is clear now.
This looks like a perfect station to get in longs towards the current week's high as a first tp and then take older highs.
SELL EURCAD - trade explained in detail Trader Tom, a technical analyst with over 15 years’ experience, explains his trade idea using price action and a top down approach. This is one of many trades so if you would like to see more then please follow us and hit the boost button.
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EURCAD 2024.10.16 01:14:07 Trading Signal BUY FrankPro Signal for EURCAD
Type: Screen
Signal: BUY
TP: 1.50465
SL: 1.49925
Entry Price: 1.5006
Flexity Analysis for EURCAD
Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down
Forecast Methods(Short-Term, Long-Term):
ST=Up LT=Down
ST=Up LT=Up
ST=Down LT=Down
FlexityIndicator Analysis Method(0)
EUR/CAD Exchange Rate Predictions
Short-term (next few days)
The price is expected to go up. The forecast suggests a potential rise to $1.520159 in the next 7 days.
Technical Indicators Bullish Signals Bearish Signals
26 indicators 26 0
The 14-day RSI reading is also leaning towards a bullish trend.
Long-term
The price is expected to go down. Despite the short-term bullish outlook, the analysis highlights intense bearish pressure.
Market violating a solid rising trend line
Wide horizontal zone of demand
Price testing a zone of support at 1.4328
Potential re-test of the bottom of this zone at 1.4235
Potential further drop to the 2023 low at 1.4158
The broader economic context also suggests a weaker Euro and a stronger Canadian Dollar, which could contribute to a long-term bearish trend.
Result: ST=Up LT=Down
FlexityIndicator Analysis Method(1)
EUR/CAD Exchange Rate Forecast
Short-term (next 7 days)
Forecast Technical Analysis Expected Price Movement
Bullish sentiment, price expected to rise to around 1.520159 Strong bearish trend, potential bearish movement towards 1.4948 support level Price likely to oscillate, with a slight bias towards a slight increase
Long-term (next few weeks/months)
Monthly Forecast (October 2024) Average Rate High Low Expected Price Movement
Slightly bullish sentiment 1.528 1.553 1.507 Price expected to go up, with a potential target of around 1.530 by the end of the month
Important Note:
These conclusions are based on the provided data and should not be considered as investment advice.
The foreign exchange market is highly volatile, and prices can change rapidly due to various market and economic factors.
Result: ST=Up LT=Up
FlexityIndicator Analysis Method(2)
EUR/CAD Exchange Rate Analysis
Short-term Outlook (next few days to a week)
Trend Signals Price Movement
Bearish 82.14% of moving average signals Expected to go down
Key Levels to Watch:
Sellers' bearish objective: 1.5020 CAD
Potential breaks below support level: 1.4976 CAD and 1.4911 CAD
Additional Factors:
Recent increase in capital gains inclusion rate in Canada may lead to profit-taking and sale of CAD assets, contributing to a short-term decline in the EUR/CAD exchange rate.
Long-term Outlook (weeks to months)
Key Factors to Consider:
Expected easing cycle by the Bank of Canada may negatively impact the CAD and lead to a long-term decline in the EUR/CAD exchange rate.
Contrasting monetary policies between the ECB and the Federal Reserve may lead to a long-term appreciation of the CAD against the EUR.
Conclusion:
The price is expected to go down in the short term, but the long-term outlook is less clear and may depend on the evolution of market conditions and economic factors.
Result: ST=Down LT=Down
The EUR/CAD 1-hour chart shows a clear bullish trend The EUR/CAD 1-hour chart shows a clear bullish trend within an upward-sloping channel, with prices bouncing off support near the 1.4900 level. The pair recently broke above the channel's midline and is heading towards the upper boundary around 1.5100. This suggests the potential for further upside in the near term, with the current price action maintaining support at higher lows.
Key points to watch:
- Support: 1.4900 (bottom of the channel).
- Resistance: 1.5100 (top of the channel).
- A breakout above the upper boundary could signal strong bullish momentum, while a rejection could lead to a retracement back to the midline or lower channel support.
This setup offers a potential trading opportunity depending on confirmation of the next move. Monitor price action and volume to confirm the breakout or reversal.
The EUR/CAD Daily Chart shows trading within a rising channelThe EUR/CAD Daily Chart shows trading within a rising channel structure since early 2023, with the price respecting the upper and lower boundaries of this trend. Currently, the price is bouncing from a key support zone near 1.49, which aligns with the lower boundary of the rising channel.
- Key resistance is around the 1.512 area, where the price has repeatedly faced selling pressure.
- A breakout above this resistance could push EUR/CAD towards the channel's upper limit near 1.53.
- However, if bearish momentum continues, the price may retest the lower channel support around 1.48-1.475.
This technical setup suggests a balanced risk-to-reward ratio, with traders awaiting either a breakout or a rejection at key levels. It's a good time to monitor this pair for potential directional confirmation.
EURCAR - ShortsShorting EURCAD in an institutional area.
Entry highlighted there because price action keeps bouncing around that area.
Stop loss is 18 pips.
TP is 106 pips because i'd like it to sell off into the imbalance area.
Overall, I'd like to see price action continue bearish since it broke structure but i see a fat imbalance to the upside so will also keep my eye on that.
EURCAD - Short TradePrice swept liquidity, made a false breakout of the 1D swing, and closed below.
After that, we have a break in market structure, which shows us sign of weakness on key level.
That's why there's a higher probability of seeing prices lower at FTA (first trouble area) as next liquidity level.
Keep it simple and consistent!
Update Short EUR/CADI reentered short at the top of the pin candle. If the candle will remain a pin candle that should be an inversion pattern. I think that know will start a downtrend until the target because the structure is a short structure. This is only my opinion and I am short with a microdot.
Usually I open position with 5 microlots but not on Cad pairs.
EURCAD LONGEURCAD has been on a buy trend on D1 TF, its safe to say EURCAD is trying to liquidate the previous high. Right now price is around an AOI which is very strong and i expect a pullback up to 1.50571 which is my planned entry level as well and stop loss at around 1.50440, and i aim to take profit at 1.51463.. Lets see how it goes..
EURCAD Trading Opportunity! SELL!
My dear friends,
My technical analysis for EURCAD is below:
The market is trading on 1.5044 pivot level.
Bias - Bearish
Technical Indicators: Both Super Trend & Pivot HL indicate a highly probable Bearish continuation.
Target - 1.4975
Recommended Stop Loss - 1.5078
About Used Indicators:
A pivot point is a technical analysis indicator, or calculations, used to determine the overall trend of the market over different time frames.
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WISH YOU ALL LUCK
Institutional Supply: EUR/CAD Shorthey traders,
back to it, been a while I know.. 95% of my trading is fully automated nowadays.
but I'll help you guys out with some charts again!
quick reminder, the daily zones are for the bias, the 4hour needs to shape up nicely with star patterns to consider any trades.
kind regards,
max
EURCAD is in a Bullish PatternHello Traders
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