In my previous EURCAD idea, I mentioned about buying near 1.43 with final TP at 1.47. We already got 400 pip profit from our Buy trade(check idea attached below). In this idea, I will present a potential sell set-up that can give us a decent profit if it works.
First of all, the rally in EURCAD has been massive. I expected a bullish run towards 1.47 as I mentioned in my previous idea but I didn't expect it to be so quick.
Dramatic sell off in Wall street has lead to a huge surge in this pair. As CAD is a risk asset correlated with Oil, CAD's value drops very quickly during such sell offs in the stock market.
That being said, I feel the sell-off in the market is going to have a pullback next week which might give us an opportunity to sell EURCAD.
Today's daily candle in EURCAD has almost been reduced to a pinbar, which means sellers took control and buyers gave up all the gains.
So, if price doesn't break 1.4880 in the next week, we can expect a drop towards at least 1.45.
I will update this idea. So make sure you follow me to know about the exact entry.
First of all, the rally in EURCAD has been massive. I expected a bullish run towards 1.47 as I mentioned in my previous idea but I didn't expect it to be so quick.
Dramatic sell off in Wall street has lead to a huge surge in this pair. As CAD is a risk asset correlated with Oil, CAD's value drops very quickly during such sell offs in the stock market.
That being said, I feel the sell-off in the market is going to have a pullback next week which might give us an opportunity to sell EURCAD.
Today's daily candle in EURCAD has almost been reduced to a pinbar, which means sellers took control and buyers gave up all the gains.
So, if price doesn't break 1.4880 in the next week, we can expect a drop towards at least 1.45.
I will update this idea. So make sure you follow me to know about the exact entry.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.