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EUR-CAD

InvestMate|EUR/CAD Correction time💶🍁💶🍁EUR/CAD Correction time. 💶🍁 Looking at the fundamentals: 💶The economy in the Eurozone, according to the latest readings taking place on November 15, grew by 0.2% quarter-on-quarter in the last three months from September 2022. This is the sixth consecutive quarter of growth, worth noting that this is the weakest quarter in terms of growth compared to previous quarters. Also worth noting are the European Commission's views on the future performance of the economy. They warn of an impending recession which is expected to begin in the current quarter, and we may not see increases until next spring. All due to rising inflation and Russia's aggression in Ukraine. Which has caused Energy price increases across Europe 🍁 In Canada, on the other hand, the latest readings that have taken place are for the second quarter in which the economy grew 0.8%, which means maintaining the level relative to previous readings. This is the fourth quarter in a row in which we have recorded increases. The next readings will take place on November 29. The accumulation of business inventories, investments contributed most to the increases for the latest readings. It is also worth noting that an increase in consumer spending also contributed to the increase. On the other hand, growth was undermined by high imports of products from abroad at 6.9%, far outpacing exports at 2.6% 💶 Unemployment in the Eurozone stands at 6.6%. These are better results than before, at the Nov. 3 reading for we recorded a 0.1% drop from previous readings. The next reading will be on December 1. 🍁Canadian Unemployment at 5.2% levels with no sharp changes, the reading took place on November 4 and was exactly the same as October 7. 💶The market in the Eurozone expected inflation to break through recent peaks, with a reading of 10.6% on November 17. This was up from the previous level of 9.9%. The next readings will be on November 30. 🍁 In Canada, inflation is clearly declining. From the peak set in June at levels of 8.1% we scored a drop to levels of 6.9% at the last readings which took place on November 16. The next one is on December 21, and there's no sign that the downward trend is about to reverse. This favors a future slowdown in interest rate hikes, which will weaken the Canadian Dollar against other currencies. Especially compared to the Euro on which the situation is reversed 💶On 27 October we saw a jump in interest rates in the Eurozone to 2% just as everyone expected. This was an increase of 75 basis points from levels of 1.25% 💶Combined with inflation hitting new peaks, it's hard to say here that the Euro will have trouble strengthening in the months ahead. 🍁26 October rate hike in Canada was a full 50 basis points to 3.75% Markets assume that the inflation in 2023 could reach 3% where in 2024 it will fall to target levels of 2%. 🍁 If we maintain the downward trend on inflation we can expect increasingly mild interest rate hikes which will turn into reductions after some time. 💶🍁Turning to the chart. 💶🍁After we scored a bottom at 1.28758 almost three months ago from which we started an upward wave that took us to the levels of 1.38757, an increase of 7.76%. 💶🍁In my opinion, in order to continue the uptrend, the ideal time has come to execute a downward correction resulting from the lack of willing buyers at current price levels, as we can see from the last few days in which the price had a clear problem with breaking new highs. 💶🍁The most sensible support zone looks to be a cluster of two levels. The 0.382 fibo level of the entire upward wave and the 1:1 level of the largest downward correction in the current upward wave. The level is further confirmed by looking at the fact that the price has repeatedly on it previously found the fighting zone of buyers and sellers. 💶🍁The resistance zone remains the zone between the last peak and the 1.272 level of the current downward wave. 💶🍁The scenario I am playing out is a gradual decline in price to reach a support zone at which I expect a reaction that may turn into the next upward wave on this pair. 💶🍁*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases. 🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Short
by InvestMate
5
EURCAD - Trend-Following Sell Setup!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. EURCAD is still overall bearish from a long-term perspective trading inside the brown channel, and it is currently retesting the upper brown trendline. Moreover, the zone 1.37 - 1.38 is a strong resistance zone . So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance zone and upper brown trendline. (acting as non-horizontal resistance) As per my trading style: Since EURCAD is approaching the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) and of course, as it retests the blue support, I will be looking for buy setups. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
55
EURCAD Neutral for now. Resistance and Support for the long-termThe EURCAD pair couldn't have traded better our September 19 set-up as the price broke above the 1 year Channel Down and broke above the 1D MA200 (orange trend-line) for the first time since Feb 07 2022, but got rejected on the 1.37150 Resistance: This Resistance rejection pattern has taken place another two times since September 2021 and until we break above 1.37150, we have to be careful of a bearish break-out. For now the 1D MA100 (green trend-line) is supporting but the slightest break below it, can hit the 1.2870 Support and further break the -0.382 Fibonacci extension (1.25500) as the previous Resistance rejections did. A 1D candle close above the 1.37150 Resistance though, would constitute a complete shift to the long-term trend to bullish and target the upper Fibonacci retracement levels (light blue), which as you see match almost perfectly the Lower Highs of the former Channel Down. It is also interesting to observe the RSI on the 1W time-frame. It is struggling to break above its 1 year Resistance and as long as it does, the pattern shows a drop to the Support Zone. If it breaks above the Resistance though, it would also be a long-term bullish confirmation. ------------------------------------------------------------------------------- ** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- You may also TELL ME 🙋‍♀️🙋‍♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁 ------------------------------------------------------------------------------- 👇 👇 👇 👇 👇 👇 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
by TradingShot
Ecad could see more upside...Could be waiting to push to 1.3750? **Find out more from my Tradingview Stream this week** *************************************************************************************** Hello there! If you like my analysis and it helped you ,do give me a thumbs ups on tradingview! 🙏 And if you would like to show further support for me, you can gift me some coins on tradingview! 😁 Thank you! Disclaimers: The analysis shared through this channel are purely for educational and entertainment purposes only. They are by no means professional advice for individual/s to enter trades for investment or trading purposes. The author/producer of these content shall not and will not be responsible for any form of financial/physical/assets losses incurred from trades executed from the derived conclusion of the individual from these content shared. Thank you, and please do your due diligence before any putting on any trades!
Long
by Shadowing_The_Big_Boys
EURCAD - Trend-Following Setup!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. EURCAD is overall bearish trading inside the brown channel, and it is currently retesting the upper brown trendline. Moreover, the zone 1.37 - 1.38 is a strong resistance zone . So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance zone and upper brown trendline. (acting as non-horizontal resistance) As per my trading style: Since EURCAD is approaching the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) and of course, as it retests the blue support, I will be looking for buy setups. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
4
EURCAD - Trend-Following Setup!Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst. EURCAD is overall bearish trading inside the brown channel, and it is currently retesting the upper brown trendline. Moreover, the zone 1.37 - 1.38 is a strong resistance zone. So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance zone and upper brown trendline. (acting as non-horizontal resistance) As per my trading style: Since EURCAD is around the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) and of course, as it retests the blue support, I will be looking for buy setups. Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
4
EURCAD - DAILY TIMEFRAMEThe Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart). Note: Its my view only and its for educational purpose only. Only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only (strategies). we don't focus on the short term moves, we look for only for Bullish or Bearish Impulsive moves on the setups after a good price action is formed as per the strategy. we never get into corrective moves. because it will test our patience and also it will be a bullish or a bearish trap. and try trade the big moves. we do not get into bullish or bearish traps. We anticipate and get into only big bullish or bearish moves (Impulsive Moves). Just ride the Bullish or Bearish Impulsive Move. Learn & Know the Complete Market Cycle. Buy Low and Sell High Concept. Buy at Cheaper Price and Sell at Expensive Price. Keep it simple, keep it Unique. please keep your comments useful & respectful. Thanks for your support.... Tradelikemee Academy
Long
by Tradelikemee
EURCAD CHART ANALYSISI believe that the last retracement of the price towards the trend line on EURUSD was due to the pressure of the ECB to contain inflation recently. Certainly, there were rumors that the Russia-Ukraine conflict might be taking a turn. Considered the possibility that the Ukraine-Russia conflict would escalate, and sure enough. The best opportunity given this escalation of the conflict was against the CAD, given that it would benefit from the rise in oil prices that the risk-off environment entails.
Short
by Elite_Forex
EURCAD looking up 🦐EURCAD on the 4h chart after a test of the 1.32500 area retraced at the 0.168 Fibonacci level and tested the 1.30 zone. The price is now trading below a daily resistance and some further bullish move can be expected. How can i approach this scenario? I will wait for a potential break and close above the structure and in that case, i will look for a nice long order according to the Plancton's strategy rules. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip
EURCAD Trend Following Setup!Hello Traders, In this week's trading session we will be monitoring XAUUSD for a Buying opportunity in and around 1.32 order block area. Once we get a Bullish confirmation the trade will be executed and shared with our premium members. - RISK DISCLOSURE TRADING IS NOT SUITABLE FOR EVERYONE. TRADING FOREX INVOLVES HIGH RISKS AND CAN CAUSE YOU A COMPLETE LOSS OF YOUR FUNDS! Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose! The high degree of leverage associated with trading currencies means that the degree of risk compared to other financial products is higher. Leverage (or margin trading) may work against you resulting in substantial loss. And feeling a sensation similar to getting sucker punched in the stomach. There is considerable exposure to risk in any off-exchange foreign exchange transaction, including, but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Market Opinions BigGainLTD will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. YOU are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Internet Trading Risks There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since BigGainLTD does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet. Distribution This site is not intended for distribution, or use by, any person in any country where such distribution or use would be contrary to local law or regulation. None of the services or investments referred to in this website are available to persons residing in any country where the provision of such services or investments would be contrary to local law or regulation. It is the responsibility of visitors to this website to ascertain the terms of and comply with any local law or regulation to which they are subject.
Long
by BiggainLTD
EURCAD Hit the 1D MA100 for the 1st time since February!The EURCAD pair hit on Friday the 1D MA100 (green trend-line) for the first time since February 24. It just so happens that this contact is taking place at the top (Lower Highs trend-line) of the long-term Channel Down pattern that the pair has been trading in since mid August 2021. This level gives very favorable trading opportunities in terms of Risk/ Reward Ratio. Technically being at the top of the Channel, there are higher probabilities for a rejection but it is not absolute as a break above it as well as the 1D MA100 took place on February 03, which only stopped on the 1D MA200 (orange trend-line) two days later, after making a Double Top rejection on the Channel's previous Lower High. As a result, the risk is very low in selling now and having an SL at the top of the Channel, while targeting the previous Low at 1.28740. If the Channel breaks to the upside, we can take a short-term break-out buy, targeting the 1D MA200. A break and closing above the Resistance (previous Lower High) should be interpreted as a bullish shift of the trend on the long-term. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
by TradingShot
1
EURCAD looking up 🦐EURCAD on the daily chart after a consolidation phase broke below and took the liquidity at the 1.2900 level before retesting the 1.32 area. The price is now trading below a daily resistance and some further bullish move can be expected. How can i approach this scenario? I will wait for a potential break and close above the structure and in that case, i will look for a nice long order according to the Plancton's strategy rules. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Long
by InkyGrip