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Euro / Canadian Dollar
Short

EURCAD: Two Scenarios Explained 🇪🇺🇨🇦

By VasilyTrader
Updated
snapshot

EURCAD is trading within a narrow consolidation area since the end of July.
Approaching its support, I see two potential scenarios for the pair:

  • Bearish
    In case of a bearish breakout & daily candle close below the underlined horizontal support,
    bearish continuation will be expected to 1.47 level

  • Bullish
    To catch a pullback from the underlined support,
    on focus is a falling channel on 1H chart.
    Bullish breakout of its resistance will be your trigger to buy.
    Goal will be 1.483


Wait for a trigger and follow the market!

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