EURCAD Potential Short Signal
Updated
EURCAD is looking very similar to EURUAD in the sense that it had been in a strong downward trend since the spark of 2016 and is now currently in what is potentially a corrective period. As seen here:With the overall trend being to the downside we are only looking to take a short position. while there is still significant downside potential from where current price action is to where the blue short-term supporting trend line is, there is still no real confirmation that the market intends to go lower until we break below and close below that blue short-term trend line. Therefore we are awaiting a break below and close below of said blue trend line with confluence from our price action forecasting algorithm prediction a move to the downside with a prediction chance of 85% or higher.
Currently our algorithm is forecasting sideways movement, which could mean that the market wants to roll over soon, with a prediction chance of 64%. We will be updating this potential signal daily with current price action and updated forecasts from our algorithm. If we get the setup that we are looking for we will execute the trade and post an update,
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Order cancelled
Taking this trade off our radar as it is currently involved in our of our correlation signals.
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