Analysis and plan on EURCAD
From a fundamental point of view, Canada has macro data which favors a stricter monetary policy to be maintained than the Euro zone which may favor the CAD in the days to come. Inflation in Canada is higher than in Europe, its growth rate is also slightly higher and its interest rates are much higher as well. Everything to consider a further decline in the pair towards its biggest support.
From a technical point of view, today the CAD really gave a strong boost, probably due to the rise in oil prices as well. The euro is showing some weakness against quite a few currencies this week after Lagarde's speech and this could continue. On the pair, I take this as a first selling signal, I will wait for a pullback and a rejection to potentially go into sale.
We can also see on each currency index, a signal indicating a change in trend
I placed a sell order at 1.4636
Check currency index here
From a technical point of view, today the CAD really gave a strong boost, probably due to the rise in oil prices as well. The euro is showing some weakness against quite a few currencies this week after Lagarde's speech and this could continue. On the pair, I take this as a first selling signal, I will wait for a pullback and a rejection to potentially go into sale.
We can also see on each currency index, a signal indicating a change in trend
I placed a sell order at 1.4636
Check currency index here
Trade active
big news this afternoon, hope it will be in my favor
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