EURCAD trade ideas
EURCAD WILL WEAKENIn my analysis I see a potential decline in the EURCAD chart, exceeding its correction area, this analysis has a fairly high potential to materialize, a pattern like this has a probability of over 90%
EUR/CAD Breaks Out of Wedge Pattern, Targets 1.5268 and BeyondEUR/CAD recently broke out of a significant wedge pattern that took 169 days to form, signalling potential bullish momentum ahead. This classic technical indicator suggests that the pair could reach 1.5268, with a more aggressive target identified at 1.5440.
In the short term, the price action has pulled back slightly, testing key the high from November 2023 at 1.5042, the high from July 26 at 1.5022. This pullback towards these previous highs is a natural part of the price movement, as the market tests support levels before potentially resuming its upward trend.
Buyers are likely to step in at these levels, seeing the pullback as an opportunity to lift the price toward the first target of 1.5268, provided the price remains above the low of August 1 at 1.4891.
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Potential EUR/CAD Reversal TrendFundametnal Analysis:
The Euro Area benefits from moderate GDP growth (0.3%), controlled inflation (2.5%), and a significant trade surplus (EUR 13,888 million), with stable labor market conditions (6.4% unemployment). However, it faces challenges with a contracting manufacturing sector (PMI at 45.8) and negative consumer confidence (-14 points). Canada, on the other hand, shows slightly higher GDP growth (0.4%) and inflation (2.7%), with a higher interest rate (4.75%) attracting foreign investment. Despite a trade deficit (-1927 CAD million), Canada has a slightly better manufacturing PMI (49.3) and higher consumer confidence (48 points). Overall, the Euro's strong trade surplus and stable economy contrast with the Canadian Dollar's higher interest rates and better consumer sentiment, making the outlook for OANDA:EURCAD mixed.
Technical Analysis:
The OANDA:EURCAD pair is currently trading around 1.49416, approaching a strong resistance zone near 1.50133, which has been tested multiple times and held, indicating significant selling pressure. The price is in an uptrend, supported by a clear upward trend line connecting higher lows since mid-2023. If the resistance at 1.50133 holds, a pullback is likely, with potential support levels at 1.48467 (TP1), 1.47622 (TP2), and 1.46697 (TP3). Conversely, if the price breaks above 1.50133, it could signal a continuation of the bullish trend, potentially reaching new highs. Traders should monitor price action around these key levels to determine their trading strategy.
Trading Tip for Wednesday: CAD Overnight Rate Announcement
Overview:
Current Rate: 4.75%
Expected Rate: 4.50%
Analysis:
Recent CPI data indicates a decrease, suggesting that inflation is dropping in Canada. This development points to potential monetary policy easing, with the overnight rate possibly being reduced to 4.50%. Despite this, there could be a last push up for CAD pairs. The CAD might strengthen against other currencies due to sentimental movements, such as rising oil prices, which are positively correlated with the Canadian Dollar.
Overral view
EURCAD Longs EURCAD Longs entered.
After an impulsive move to the upside over the last couple of weeks we have been retracing to potentially make another leg to the upside. As per PA , you can tell from just the behaviour of the candles , the retrace is showing signs of slowing down/reversal. Have entered and will closely monitor.
Trade safe fam
TMT Nicomedia Long For a LONG position, TMT Nicomedia provided a strong and reliable signal, and I opened my trade with a 1.75R ratio. These transactions were opened with the TMT Nicomedia strategy. The reason I am sharing these transactions is to see the success rates of the transactions later on.
EURCAD - 4hrs ( Sell Trade Target Range 200 PIP ) Pair Name : EUR/CAD
Time Frame : 4hrs Chart / Close
Scale Type : Large Scale
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spreading knowledge among us and to clarify the most importan+t points of entry, exit and entry with more than 5 reasons
We seek to spread understanding rather than make money
Key Technical / Direction ( Short )
Type : Mid Term Swing
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Bearish Break
1.5000 Area
Reasons
- Major Turn level
- Visible range HVN
- Counter Trend Line
- Quarter High Area
- Fixed Range Value
- Fibo Golden Zone
Bullish Reversal
1.47500 Area
Reasons
- Major Turn level
- Visible Range LVN
- Pattern Target
- Choch Zone
- Quarter's Area
EURCADafter price broke our supply area in the higher timeframe it showed that the market is bullish and when we check our lower time frame we see that price was in a uptrend and was form HH and HL and we can also see that it test a continuation pattern rally base rally demand area..so now we are waiting for it to test our new demand area so that we can look for entries
False breakout likelyAnalysis: Price has broken through the key resistance region. However, it can be seen as extended on the weekly timeframe as such we can view this break out likely to be false and expect price to retrace and potentially reverse.
Short opportunity: Short at market reopening as High Risk trade towards 1.50253 as Take Profit - 1 level.
EURCAD bullish ideaA bullish setup, based on the breakout of the channel and retest, I hope it will go up.
Good luck!
EURCAD in Bearish trendEURCAD is in bearish trend after a bearish divergence. It made a double top and started its downward trend.
The Signal is:
EP: 1.50430
SL: 1.51519
TP: 1.49340
RR: 0.5%
Bullish rise?EUR/CAD is falling towards the pivot which has been identified as a pullback support and could rise to the 1st resistance level which is also a pullback resistance.
Pivot: 1.50322
1st Support: 1.48979
1st Resistance: 1.52196
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EURCAD setting up nicely for buysI absolutely love this trade setting up. here if you trade support and resistance , price action or Fibonacci, this trade sticks out like a sore thumb. beautiful set up even though I'm not a big fan of CAD pairs but i can't ignore what I'm seeing here. On the daily we see the resistance area marked in purple , this area has been tested multiple times and is a valid area of Support and Resistance, in this case it smashed through the resistance and retested that area as support, moreover there is an ICI setup bouncing clearly from the golden zone which is also the area of interest where we see price action indicting bullish momentum.
i see price reaching the 38.2 Fibonacci, if we get a 4hr candle close above this line that will validate this set up and then I will be placing my Buy Limit @ 1.50835
Going for a 1:4 RR
SL @ 1.50250
TP @ 1.53180
Move SL to break even after a 4hr close above 1.51500
Will be taking 80% off my position in profit at 1.52500
Will be risking 1.5%- 2% on this trade
EURCAD - Potential long !!Hello traders!
‼️ This is my perspective on EURCAD.
Technical analysis: Here we are in a bullish market structure from daily timeframe perspective, so I look for a long. My point of interest is if price fills the imbalance lower and then rejects from bullish order block.
Fundamental news: On Friday (GMT+3) we will see results of Unemployment Rate on CAD, news with high impact on currency.
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EURCAD - Bearish Evening Star patternThe daily charts are exhibiting a bearish candlestick pattern as well as Overbought indicators.
The long wick indicates an attempt but failure to break to new highs. There may be be a retest of this resistance level, but more likely it will want to test first for support at the level of the previous pivot high.
If this level fails, it could precede a longer term downtrend on the larger timeframes.
EURCADEURCAD is in strong bearish trend.
Potentially printing LH and LL.
Bearish divergence also shown in RSI.
Market sentiment also in bearish side.
We didnot wait for breakout we sell at CMP.
EURCAD BUYAre you ready for a 1:5 position?
The price is completing a pullback to its support zone. Don't miss this great opportunity.
EURCAD Weekly Short - Long TermEURCAD is reacting off the upper trend line.
I like a short but I need a confirmation from the lower time frames.
EURCAD May Test 1.5000 Before It Moves UP AgainEURCAD May Test 1.5000 Before It Moves UP Again
EURCAD completed a symmetrical triangle pattern on the weekly time frame.
The chances are that it can move down to 1.5000 for a deeper correction before it
moves up further.
You may watch the video for further details.
Thank you and Good Luck!
EURCAD - Return to Previous LevelsWe had a bit of a mad Monday morning
Everything went Spikey up or Down opposite of perceived direction.
So they will and are all retracing and heading back to where they once began.
Current Economic Indicators
Eurozone: Facing sluggish growth and lower-than-expected economic data.
Canada: Stronger GDP growth and positive economic indicators, coupled with higher commodity prices.
Technical Analysis
Support and Resistance Levels: EURCAD has broken below key support levels and is showing a bearish trend on the technical charts.
Moving Averages: The pair is trading below major moving averages, indicating a potential continuation of the downward trend.
Recommendation and Probability
Given the current economic conditions, interest rate differentials, and technical indicators, there is a high probability (approximately 70-80%) that the EURCAD pair will continue to head lower in the near term.
Conclusion
The EURCAD is expected to decline due to a combination of economic divergence between the Eurozone and Canada, interest rate differentials, stronger commodity prices benefiting Canada, and bearish technical indicators.
EUR_CAD WILL KEEP GROWING|LONG|
✅EUR_CAD keep growing
In a strong uptrend and
We are seeing a bullish
Breakout which reinforces
Our bullish bias and
We will be expecting
A further move up
LONG🚀
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