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EUR-CAD

EURCAD potential for further downside Prices are pushing down to make a lower low. If prices break through entry in line with 61.8% Fibonacci retracement and 50% Fibonacci extension fibonacci confluence area, prices might push down further towards horizontal swing low support in line with 100% Fibonacci extension. If prices bounce from fibonacci confluence, prices might push up towards horizontal pullback resistance in line with 61.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.
Short
by TradeGATEHub
CAD - FUNDAMENTAL DRIVERSFundamental bias: Bullish 1. The Monetary Policy outlook for the BOC At the April meeting the BOC confirmed market’s speculation that they will start tapering their QE program, and followed through with a CAD1bln reduction per week. The bank also took a hawkish tilt by bringing forward their interest rate hike expectations to 2022 from 2023. The BOC is the first major central bank to step away from the ultra-easy policy put in place due to the pandemic. As long as the virus situation does not deteriorate meaningfully the bank is set to continue normalizing policy and potential hike rates in 2022. At a press conference this week, Governor Macklem explained that they have taken notice of the recent strength of the CAD. The Governor said that it’s something they are looking at and if the currency moves a lot higher (especially versus the Dollar) it could have ‘a material impact on its outlook and how we set monetary policy’. Even though this doesn’t change the bullish bias for the currency, it does mean that any further appreciation will be watched by the market and could spark some cause for concern. Thus, as a precaution, and alongside the extension of Ontario’s stay-at-home order, we have updated our previous strong bullish bias to bullish. 2. Commodity-linked currency with dependency on Oil exports Oil staged an unprecedented recovery after hitting rock bottom in 2020. The move higher has been partly driven by (1) supply & demand (OPEC’s production cuts); (2) improving global economic outlook (vaccine roll out and monetary and fiscal stimulus induced recoveries); (3) rising inflation expectations (reflation). Even though further gains will be an uphill battle after the push higher, the bias remains positive in the med-term as long as the supportive factors and drivers remains intact and should be supportive for the CAD in the med-term. 3. Developments surrounding the global risk outlook. As a high-beta currency, CAD has benefited from the market's improving risk outlook over recent months as participants moved out of safe-havens and into riskier, higher-yielding assets. Also, as a pro-cyclical currency, the CAD enjoyed upside alongside other cyclical assets after moving into an early post-recession recovery phase with expectations of global synchronized recovery. Even though the risks remain surrounding the virus and thus global economic outlook, the success of the global vaccination roll out should prove supportive for the CAD. Some participants have recently flagged that the recent appreciation of the CAD does look stretched, especially with the CFTC positioning in mind as well. That doesn’t change the bias of course, but it’s something to consider.
by thunderpips
1
EURCAD potential for further upside! | 11th June 2021EURCAD is facing bullish pressure from ascending trendline support in line with 50% Fiboancci extension and 78.6% Fibonacci retracement . Prices might push up towards horizontal swing high resistance in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement . If prices push down further, prices might take support on horizontal swing low support in line with 50% Fibonacci extension and 61.8% Fibonacci retracement . MACD is also showing a bullish signal with the signal line below the MACD line. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Long
by FXCM
2
EURCAD facing short term bullish pressure potential for pullbackPrices are facing short term bullish pressure from horizontal swing low support in line with 78.6% Fibonacci retracement . Prices might push up towards horizontal pullback resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension . If prices push down further, prices might take support from horizontal swing low support, in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension . Stochastics is also approaching 10.91 support level , potential for bounce. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.
Long
by FXCM
EURCAD facing short term bullish pressure potential for pullbackPrices are facing short term bullish pressure from horizontal swing low support in line with 78.6% Fibonacci retracement. Prices might push up towards horizontal pullback resistance in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support, in line with 161.8% Fibonacci retracement and 78.6% Fibonacci extension. Stochastics is also approaching 10.91 support level, potential for bounce.
Long
by TradeGATEHub
EURCAD is facing bearish pressure, potential for downside!Prices are facing bearish pressure from horizontal pullback support in line with 61.8% Fibonacci retracement. Prices might push donw towards horizontal swing low support in line with 100% Fibonacci extension and 127.2% Fibonacci retracement. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.
Short
by TradeGATEHub
EURCAD a bounce over the trendline 🦐EURCAD after a long downtrend tested a few times the string trendline around the 1.47 level. The price started a new impulse and broke above a daily resistance. According to Plancton's strategy if the condition will be satisfied we can set a nice long order --–– 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
4
EURCAD has not much strength but wants to climbMy Marketmiracle advisor generated an input signal for EURCAD at a price of 1.476860 with a target of 1.484264 for a profit of 0.50% What I immediately noticed is that the Marketsentiment is heavily negative so I expect that despite the pressure on the market is LONG the cross rises in price but does the essential without too many leaps of joy. The one described on the graph is the behavior I expect to see in the next few days. The idea is supported by others that see appreciation of EUR and depreciation of CAD This idea is based on a signal generated by the advisor Marketmiracle, down on this page you will find the link to the page of signals of the advisor that you can see for free without any cost or registration
Long
by MarketMiracleAdvisor
💡Don't miss the great buy opportunity in EURCAD Trading suggestion: ". There is a possibility of temporary retracement to suggested support line (1.46934). . if so, traders can set orders based on Price Action and expect to reach short-term targets." Technical analysis: . EURCAD is in a range bound and the beginning of uptrend is expected. . The price is below the 21-Day WEMA which acts as a dynamic resistance. . The RSI is at 59. Take Profits: TP1= @ 1.47855 TP2= @ 1.48397 TP3= @ 1.48955 TP4= @ 1.49463 TP5= @ 1.50572 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated!❤️ 💎 Want us to help you become a better Forex trader? Now, It's your turn! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Long
by ForecastCity
1
EURCAD a bear continuation? 🦐EURCAD broke below the 1.47500 area and now is ranging between the resistance and a minor support. According to Plancton's strategy if the price will break below we will set a nice short order. --–– 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.
Short
by InkyGrip
6