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Euro / Canadian Dollar

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EURCAD trade ideas

EURCAD IS TRENDING BEARISHAbove is a 4hr Euro/Canadian dollar chart which shows price has been breaking lows and trading lower. We have trendline liquidity that price took out after reacting to a 4hr supply zone. Price created a huge 4hr fair value gap (fvg) at premium price. If price is to continue with the Bearish market structure then we need to see price reacting to the 4hr fvg and giving us a shift in market structure. As we wait for the market to finish retracement, goodluck.🌟🌟🕣
Short
by ZIPHO67
eurcad buy tradeTrend: The trend appears to be bullish, with the price moving above the 1.490 level1 . Support Levels: Key support levels to watch are 1.485 and 1.470. If the price remains above these levels, it could indicate further upside potential. Resistance Levels: The nearest resistance is around 1.500. A break above this level could reinforce the bullish outlook. Technical Indicators: The Relative Strength Index (RSI) is showing an upward trend, indicating increasing momentum. Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, further supporting the potential for an upward move.
Long
by Mansa_Musa_Capital
EURCAD View!!Markets expect the Federal Reserve to cut rates by just 25 bps in November, rather than 50 bps, following the jobs data. According to CME's FedWatch tool, markets are pricing in a 85% chance of a quarter point cut, up from 47% a week ago, and a slim 0.15% prospect of no cut at all. A rise in the yield on the benchmark U.S. 10-year note US10Y above 4% for the first time in two months was also a psychological support. Against the Japanese yen, the dollar weakened after Atsushi Mimura, Japan's top currency diplomat, issued a warning against speculative moves on the foreign exchange market.
Long
by FXBANkthe8055
#EURCAD 1DAY#EURCAD 1-Day Forecast Sell based on a Channel Pattern On the daily chart for #EURCAD, the price is moving within a clearly defined **descending or horizontal channel**, signaling a potential **sell opportunity**. The price has been respecting both support and resistance levels, forming a continuous trend inside the channel, with a bearish bias dominating the market. Key Insights: 1. Channel Pattern: - The price is fluctuating within a descending or sideways channel, where it repeatedly bounces between resistance and support levels. - The upper resistance line of the channel is holding firm, acting as a ceiling for the price, while the lower support line limits declines. 2. Sell Scenario: - With the price near the upper resistance of the channel, this is an ideal point for a sell entry, expecting the price to reverse and move toward the lower support. - Confirmation for selling can come from bearish price action (e.g., bearish candlesticks or rejection at resistance), indicating that sellers are regaining control. 3. Trend Continuation: - The overall market bias is bearish, as evidenced by the lower highs and lower lows within the channel. As long as the channel holds, the price is likely to continue this pattern, making selling on rallies an optimal strategy. 4. Volume Confirmation: Monitor volume for confirmation. A rise in selling volume as the price nears resistance would strengthen the bearish outlook, while low volume near the support could suggest a lack of momentum for further declines. 5. Stop-Loss Considerations: - For a sell position, place a stop-loss slightly above the resistance level of the channel, as a breakout above resistance would invalidate the sell setup and suggest a potential reversal to the upside. Trading Strategy: Entry: Enter sell positions near the upper resistance level of the channel, anticipating the price to move downward toward the lower support. Take Profit: Set take-profit targets near the lower support zone of the channel, where the price may bounce or consolidate. Stop Loss: Place a stop loss above the channel's resistance line to manage risk in case of an unexpected breakout. This analysis indicates that #EURCAD is currently in a **sell position** on the 1-day timeframe, especially as it nears the resistance of the descending or horizontal channel. Traders should aim for downward movement while managing risk carefully with proper stop-loss levels.
Short
by PIPSFIGHTER
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