Can we see a bearish movement in the price???
Price is approaching a key supply zone which I'm expecting to see sellers coming in. Previously sellers came in and left a key orders block which could be tested sooner.
On the Fundamentals, EUR/CAD sell trade is supported by:
1. Canada's strong GDP growth as released in news
2. Eurozone low inflation expectations as released in news on Monday
3. ECB's dovish stance suggesting at further interest rates cuts
4. Canada's rising producer prices as released on news recently should be 2 days ago
Potential impact:
- CAD strengthens, EUR weakens which means sell EURCAD
On the Fundamentals, EUR/CAD sell trade is supported by:
1. Canada's strong GDP growth as released in news
2. Eurozone low inflation expectations as released in news on Monday
3. ECB's dovish stance suggesting at further interest rates cuts
4. Canada's rising producer prices as released on news recently should be 2 days ago
Potential impact:
- CAD strengthens, EUR weakens which means sell EURCAD
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