Euro / Canadian DollarUpdated EURCAD
Monthly
-Price move from Supply to Demand zone, bias is bearish
Weekly
-Previous weekly candle was engulf, indicate price may bounce higher
-But overall trend still bearish
Daily
-Strong bullish close on 02th Oct
-Price break classic S&R level $1.4560 and manage to stay above
-Deeper retracement was expected
Summary:
-Similar to EURUSD idea, bearish sentiment still present so best setup is short the rally
-Due to this week price action, high probability for price to challenge previous high of $1.5000
-Price move from Supply to Demand zone, bias is bearish
Weekly
-Previous weekly candle was engulf, indicate price may bounce higher
-But overall trend still bearish
Daily
-Strong bullish close on 02th Oct
-Price break classic S&R level $1.4560 and manage to stay above
-Deeper retracement was expected
Summary:
-Similar to EURUSD idea, bearish sentiment still present so best setup is short the rally
-Due to this week price action, high probability for price to challenge previous high of $1.5000
Note
-Price movement still remain tight
Note
-Overlook H4/H1 supply zone at $1.4700, price tested and promptly reverse.
-Now price at support level, if hold price will continue to bounce higher.
-D1 demand zone at below where price will go if support level fail.
Note
-Price break above M30 supply zone and slowly grind higher.
-H4 supply zone above has been tested and may not be able to hold price down.
-But until that zone is engulf, price rejection may still occur.
Note
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