Bullish bounce?EUR/CAD is falling towards the pivot which has been identified as a pullback support and could bounce to the 1st resistance.
Pivot: 1.47874
1st Support: 1.47379
1st Resistance: 1.48459
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
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, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EUR-CAD
EURCAD Testing the 1D MA50. Sell opportunity.The EURCAD pair eventually formed the new Lower High on the 17-month Channel Down as presented on our last analysis (May 27, see chart below) and got rejected:
The rejection extended to as low as the 1D MA200 (orange trend-line) and a short-term rebound has brought the price back to a 1D MA50 (blue trend-line) rejection.
Both previous Bearish Legs declined at least by -3.85%. We expect this 1D MA50 rejection to lead the price to at least Support 1, with our Target being 1.45000 (just above it).
On a side-note, check the high degree of symmetry between the 1D RSI sequences of the Channel's Legs.
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EURCAD: EURO is weakening with French ElectionsHey Traders, in today's trading session we are monitoring EURCAD for a selling opportunity around 1.48000 zone, EURCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.48000 support and resistance area.
Fundamentally the EURO is weakening with the French election risk.
Trade safe, Joe.
Bearish reverse off 38.2% Fibonacci resistance?EUR/CAD is rising towards the pivot and could potentially reverse to the support which has been identified as a pullback support.
Pivot: 1.48381
1st Support: 1.47755
1st Resistance: 1.49088
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
Disclaimer:
The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice.
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, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
EURCAD:Key Level and French Election ImpactHello Traders,
In today's trading session, we're closely monitoring EUR/CAD for a potential selling opportunity around the 1.48100 zone. The pair had been in an uptrend but recently broke out of it, entering a correction phase. It is now approaching the 1.48100 area, which acts as a key support and resistance zone.
On the fundamental side, the recent EU parliamentary elections in France resulted in a significant majority for a far-right candidate, who has historically advocated for France to leave the EU. This development has weakened the EUR. Moreover, President Macron's decision to call for an early French election has heightened political instability, posing additional risks to the EUR.
Stay vigilant and trade safe,
Joe
EURCAD is approaching a significant supportHey Traders, in today's trading session we are monitoring EURCAD for a buying opportunity around 1.47700 zone, EURCAD is trading in an uptrend and currently is in in a correction phase in which it is approaching the trend at 1.47700 support and resistance area.
Trade safe, Joe.
Falling towards 38.2% Fibonacci support?EUR/CAD is falling towards a support level which is an overlap support that aligns with the 38.2% Fibonacci retracement and could potentially bounce from this level to our take profit.
Entry: 1.47802
Why we like it:
There is an overlap support level which lines up with the 38.2% Fibonacci retracement.
Stop loss: 1.47368
Why we like it:
There is a pullback support level which is slightly below the 50% Fibonacci retracement.
Take profit: 1.48804
Why we like it:
There is a pullback resistance level.
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
EURCAD Short-term buy signal.The EURCAD pair has been trading within a Channel Down for the past 15 months and right now is on a Bullish Leg towards its top. The 1D RSI is approaching the overbought barrier of 70.00 and we believe it will give a sell signal after it breaks above, just like November 21 2023 and July 14 2023.
Until then, we will stay bullish, targeting the top of the 15-month Channel Down at 1.49750.
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Weekly Forex Forecast May 20-25th... Part 1This 2 part video covers ...
- USD Index, EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, USDJPY
- S&P500, NASDAQ, GOLD, SILVER, CRUDE OIL
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May profits be upon you.
Sell EURCAD Channel BreakoutThe EUR/CAD pair on the M30 timeframe presents a potential shorting opportunity due to a recent downward breakout from a well-defined bearish channel pattern. This breakout suggests a shift in momentum towards the downside and a higher likelihood of further declines in the coming hours.
Key Points:
Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.4730 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.4677: This represents the first level of support within the channel.
1.4645: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.4745. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
Sell EURCAD Ascending TriangleThe EUR/CAD pair on the M30 timeframe presents a potential shorting opportunity due to the presence of an ascending triangle pattern.
Potential Short Trade :
Entry: Consider entering a short position (selling) below the broken support trendline of the triangle after confirmation. Ideally, this would be around 1.4710 or lower if the price continues to decline.
Target Levels:
1.4655: This represents the height of the triangle, measured from the apex (highest point) to the base (horizontal line), projected downwards from the breakout point.
1.4630: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: Once the entry point is confirmed, place a stop-loss order above the broken support line of the triangle, ideally with some buffer around 1.4732. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you.
EURCAD Potential DownsidesHey Traders, in today's trading session we are monitoring EURCAD for a selling opportunity around 1.47500 zone, EURCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.47500 support and resistance area.
Trade safe, Joe.
EURCAD: Geopolitical and Technical AnalysisThe euro is susceptible to fluctuations in energy prices, while the Canadian dollar stands to gain from them. Any developments concerning the conflicts in the Middle East or Ukraine, as well as increased tensions in these regions, could potentially lead to a bearish sentiment for EUR/CAD. However, I believe that the market's reaction to previous events, such as the Iran-Israel conflict, was perhaps exaggerated, and now there seems to be a reevaluation as markets return to their previous positions. We may see this trend persist until the next unexpected development from oil-producing countries
I predict the green path, but I'm open to considering the red path as well.
This viewpoint incorporates both intraday and long-term trading perspectives. Enter the trade after the zones have been breached.. Regarding the long-term view, just follow the path after breaking the lines
Could EUR/CAD bounce from here?Price is falling towards a support level which is a pullback support that aligns with the 78.6% Fibonacci projection. A bounce from this level could lead the price to rise to our take profit.
Entry: 1.46155
Why we like it:
There is a pullback support level which aligns with the 78.6% Fibonacci projection
Stop loss: 1.45877
Why we like it:
There is an overlap support level
Take profit: 1.46737
Why we like it:
There an overlap resistance level
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
EUR/CAD has a strong bearish momentum, could it fall further?Price is rising towards the resistance level which is an overlap resistance which aligns with the 38.2% Fibonacci retracement and could reverse from this level to our take profit.
Entry: 1.46671
Why we like it:
There is an overlap resistance level which aligns with the 38.2% Fibonacci retracement.
Stop loss: 1.47033
Why we like it:
There is a pullback resistance level which aligns with the 61.8% Fibonacci retracement
Take profit: 1.46192
Why we like it:
There is an overlap support level
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Sell EURCAD ECB Interest RateThe EUR/CAD pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.
Key Points:
Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.4700. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.4656: This represents the first level of support within the channel.
1.4628: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.4720. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.
Thank you
EURCAD: Quick short opportunity + bonus for long term.EURCAD marginally turned bearish on its 1D technical outlook (RSI = 44.842, MACD = 0.001, ADX = 27.243) as it hit both the 1D MA50 and 1D MA200 today. That is dead neutral on a 15 month basis as the pair has been on a wide ranged price action since the start of 2023. Currently it sits exactly at the middle of this pattern on the 0.5 Fibonacci level. This gives us the opportunity for a quick short term sell on the HL trendline (TP = 1.45750). The HL trendline has always been crossed downwards these 1.5 years so if we see a crossing under the 0.618 Fibonacci, we will sell again and target the 0.786 Fib (TP = 1.43650).
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EURCAD is approaching a significant levelHey Traders, in today's trading session we are monitoring EURCAD for a selling opportunity around 1.46800 zone, EURCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 1.46800 support and resistance area.
Trade safe, Joe.
Potential bearish dropEUR/CAD is currently on a resistance level which is a pullback resistance level and could reverse from this level to our take profit
Entry: 1.47378
Why we like it:
There is a pullback resistance level
Stop loss: 1.47789
Why we like it:
There is a pullback resistance level
Take profit: 1.46630
Why we like it:
There is an overlap support level which aligns with the 50% Fibonacci retracement
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Potential bearish dropEUR/CAD is currently on a resistance level and could reverse from this level to our take profit
Entry: 1.47378
Why we like it:
There is a pullback resistance level
Stop loss: 1.47789
Why we like it:
There is a pullback resistance level
Take profit: 1.46630
Why we like it:
There is an overlap support level which aligns with the 38.2% Fibonacci retracement
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Potential bullish breakoutPrice has broken out of an overlap resistance level which aligns with the 61.8% Fibonacci retracement and could rise from this level to our take profit
Entry: 1.46630
Why we like it:
There is an overlap resistance level which aligns with the 61.8% Fibonacci retracement
Stop loss: 1.46258
Why we like it:
There is an overlap support level
Take profit: 1.47338
Why we like it:
There is a pullback resistance level
Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.