EURCAD Lower
trying EURCAD lower here.
seem to be forming a flag pattern which i think could break to the downside.
narrative wise the EUR is not doing great at the moment, data is coming in worse than expected and inflation seems to be dropping. German HICP is coming out later today and people are expecting it to be low as well. The CAD narrative is doing fine, people are expecting a relatively hawkish BoC and the CAD economy is doing well.
rate differentials are pushing lower which the pair should catch up with if it continues.
targeting the double bottom from earlier in the year.
positioning for the EUR has been very high all year so there is room for a nice move lower.
Not trading/investing advise, feedback welcome!
seem to be forming a flag pattern which i think could break to the downside.
narrative wise the EUR is not doing great at the moment, data is coming in worse than expected and inflation seems to be dropping. German HICP is coming out later today and people are expecting it to be low as well. The CAD narrative is doing fine, people are expecting a relatively hawkish BoC and the CAD economy is doing well.
rate differentials are pushing lower which the pair should catch up with if it continues.
targeting the double bottom from earlier in the year.
positioning for the EUR has been very high all year so there is room for a nice move lower.
Not trading/investing advise, feedback welcome!
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