Eur_cad
EUR/CAD SHORTGot a little trade setup here.
low risk high reward about 1:5 risk/reward
Any criticism is appreciated any tips or questions im open to.
EUR/CAD Short Opinion.This is simply my diary of opinions on upcoming trades. Take only as Analyzation
EUR/CAD testing trend line resistanceThis is something that I just spotted that merits a bit of attention today. The CAD has of course been weak given the recent rate cut by the Bank of Canada on top of the fall in oil prices. Meanwhile the euro is holding well with renewed capital inflows into Eurozone equities markets plus the Greek vote that just went through. Technicals don't necessarily point to a downside risk at this point, but I'd be a little cautious below 1.43. There is easily room for a pullback to the 1.40 level, but let's wait to see at least how things shape up this afternoon (and with the daily close tonight).
Key resistance on the EURCADThe EURCAD cross is clearly bearish below 1.375, and renewed selling pressure would suggest a fall back to the 1.337 support. The daily RSI is also below a key resistance level. The current levels are attractive for short strategies with stops above 1.375 and a take profit at 1.339.
Is the EUR/CAD sell off ready to resume?Since 3/19 the Euro has been selling against the CAD in spite of lower oil prices. More Euro buying led to a period of consolidation from 9/4 to where price is now. While price made a new low on 11/24 price now is higher. The 1.4450 level has served as support and resistance on 7/4, 7/23, 10/16, and again today.
While price has rallied recently the broader selling trend is still in force. If price is rejected at the 1.4450 level price could resume falling in the pitchfork to possible 1.365.
