Take Profit 1 - 1.4544
Take Profit 2 - 1.4494
Take Profit 3 - 1.4444
Stop loss - 1.4724
Here is my more in-depth analysis of EURCAD:
The EURCAD pair has been in a bearish trend for the past few weeks, and it is currently trading near the bottom of its range. The current spot rate is 1.4624, and a sell entry point of 1.4624 is just above the recent low of 1.4594.
There are a few reasons why EURCAD could continue to fall in the near term. First, the EUR is generally seen as a safe haven currency, and it has been weakening against the CAD in recent weeks as concerns about the global economy have grown. Second, the Bank of Canada is expected to raise interest rates more quickly than the European Central Bank, which could put downward pressure on the EUR against the CAD. Finally, the Canadian economy is expected to grow more quickly than the Eurozone economy in the near term. This could lead to a relative outperformance of the CAD against the EUR in the near term.
Technical analysis:
From a technical perspective, the EURCAD pair is trading below its 200-day moving average, which is a bearish signal. The pair is also forming a bearish descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The Eurozone economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on the EUR and lead to a decline in the EURCAD pair. The Canadian economy is also facing some headwinds, such as the war in Ukraine. However, the Canadian economy is expected to be more resilient than the Eurozone economy in the near term. This could lead to a relative outperformance of the CAD against the EUR in the near term.
Risks:
There are a few risks to consider before entering a trade on EURCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the EURCAD pair. Second, the Bank of Canada is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the CAD. Finally, the Eurozone economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on the EUR and lead to a decline in the EURCAD pair.
Overall:
I think EURCAD is a good pair to trade for those who are looking for a short-term bearish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on EURCAD:
The economic outlook for the Eurozone and Canada.
The level of volatility in the forex market.
The price of commodities, such as oil and gold.
Take Profit 2 - 1.4494
Take Profit 3 - 1.4444
Stop loss - 1.4724
Here is my more in-depth analysis of EURCAD:
The EURCAD pair has been in a bearish trend for the past few weeks, and it is currently trading near the bottom of its range. The current spot rate is 1.4624, and a sell entry point of 1.4624 is just above the recent low of 1.4594.
There are a few reasons why EURCAD could continue to fall in the near term. First, the EUR is generally seen as a safe haven currency, and it has been weakening against the CAD in recent weeks as concerns about the global economy have grown. Second, the Bank of Canada is expected to raise interest rates more quickly than the European Central Bank, which could put downward pressure on the EUR against the CAD. Finally, the Canadian economy is expected to grow more quickly than the Eurozone economy in the near term. This could lead to a relative outperformance of the CAD against the EUR in the near term.
Technical analysis:
From a technical perspective, the EURCAD pair is trading below its 200-day moving average, which is a bearish signal. The pair is also forming a bearish descending triangle pattern, which is a continuation pattern that typically leads to a breakout to the downside.
Fundamental analysis:
The Eurozone economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on the EUR and lead to a decline in the EURCAD pair. The Canadian economy is also facing some headwinds, such as the war in Ukraine. However, the Canadian economy is expected to be more resilient than the Eurozone economy in the near term. This could lead to a relative outperformance of the CAD against the EUR in the near term.
Risks:
There are a few risks to consider before entering a trade on EURCAD. First, the global economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on risk appetite and lead to a decline in the EURCAD pair. Second, the Bank of Canada is expected to continue to pursue an ultra-loose monetary policy, which could put downward pressure on the CAD. Finally, the Eurozone economy is facing some headwinds, such as the war in Ukraine. These headwinds could weigh on the EUR and lead to a decline in the EURCAD pair.
Overall:
I think EURCAD is a good pair to trade for those who are looking for a short-term bearish trend. However, it is important to remember that the forex market is volatile, and there is always the risk of a reversal. You should always do your own research before entering any trades.
Here are some additional factors that you may want to consider before entering a trade on EURCAD:
The economic outlook for the Eurozone and Canada.
The level of volatility in the forex market.
The price of commodities, such as oil and gold.
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.
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.