EUR-CAD
EURCAD: Plan is being executed perfectly.EURCAD is on a strong rise following the double Support test as outlined on the plan we published 6 weeks ago (see chart at the end). The 1D timeframe is on green technicals (RSI = 64.005, MACD = 0.003, ADX = 30.986) but the RSI is near the top of the 8 month Channel Down, so it would be justifed to see a technical pullback near the 1D MA50 before the 2nd part of the rally.
TP1 = 1.46480 is already hit, TP2 = 1.47485 is near so we will be prepared to add another buy if the price pulls back. We place a new target on the Symmetric R (TP3 = 1.49360) and will only pursue TP4 = 1.51145 if the 1D MA50 holds after a new pull back. Otherwise the trend will turn bearish again to the lower S levels.
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EURCAD above the 1D MA50, aiming at 1.49250 by end of the month.The EURCAD pair has established trading above the 1D MA50 in the past 3 days and today should attempt to re-test it as a Support. Technically, this is the start of a bullish leg similar to Feb 15- Apr 25 towards the yearly High. Even though the last confirmation will be when the 1D RSI breaks above its Lower Highs trend-line, we are going already long on EURCAD to take advantage of the low price and target the 0.786 Fibonacci retracement level (1.49250) initially and the 1.51150 High in extension.
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EURCAD Potential DownsidesHey Traders, in this week we are monitoring EURCAD for a selling opportunity around 1.48 zone, EURCAD was trading in an uptrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area at 1.48 supply and demand area.
Trade safe, Joe.
EURCAD, H4 | Potential bullish bouncePrice has broken a key resistance-turned-support at 1.4516 which forms the basis of our potential bounce - this level also happens to coincide with the 23.6% Fibonacci retracement.
A bounce from here could see prices rise towards the 1.4631 level which is our next big overlap resistance.
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EURCAD on the MA50 (1d) after 2 months.EURCAD hit today the MA50 (1d) for the first time since May 12th.
The real pivot though that turns the trend from bearish to bullish and vice versa, has been the MA100 (1d), which is currently a little higher at 1.45996.
A candle close over it, is a buy signal, despite the presence of Resistance (1).
The long term trend remains bullish supported by the MA200 (1d) and the Rising Support since August 2022.
Trading Plan:
1. Buy if the price closes a candle over the MA100 (1d).
Targets:
1. 1.5000 (near Resistance 2)
Tips:
1. The RSI (1d) has formed a Channel Up pattern which is consistent with the rallies of November 2022 and February 2023.
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EUR/CAD long +150 pipHello Traders
it seems that EUR/CAD is in the correction phase.
Short term price action tells us that EUR/CAD is bullish near term.
Our technical view has been shown in the chart.
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Team Fortuna
-RC
(Disclaimer: Published ideas and other Contents on this page are for educational purposes and do not include a financial recommendation. Trading is Risky, so before any action do your research.)
EURCAD Two sell opportunities for a July targetEURCAD hit the symmetric Resistance today and got immediately rejected as on the respective high of January 3rd 2023.
This is a sell opportunity, targeting the symmetric Support of 1.43450.
If instead the price rises more, sell near the 1day MA50 and this time target even lower at 1.42350 (Support B). That would be a breach of the 1day MA200.
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✨ADD-ON: EURCAD ✨ BIG PICTURE ANALYSIS ✨SLO @ 1.6760 ⏳
TP4 @ 1.6050 (closing ALL Buy Orders)
TP3 @ 1.5185 (shaving 25%)
TP2 @ 1.4625 (shaving 25%)
TP1 @ 1.3815 (shaving 25%) 💰 +1600 pips
BLO3 @ 1.4360 ⏳ (add-on)
BLO2 @ 1.4315 ⏳ (add-on)
BLO1 @ 1.3025 📈 +1324 pips
In anticipation of price action pulling back, I've set two new Buy Orders (see above).
EURCAD Potential DownsidesHey Traders, our focus is on monitoring EURCAD for a potential selling opportunity within the 1.45000 zone. EURCAD is currently in a downtrend and appears to be consolidating while approaching a significant support and resistance zone at 1.45, which aligns with the major trend. Additionally, we should take into account the potential hawkishness of the Bank of Canada (BoC) when considering long positions on CAD.
Trade safe, Joe.
✨ NEW: EURCAD ✨ SWING TRADE ✨TP3 @ 1.4765 (closing ALL Buy Orders)
TP2 @ 1.4625 (shaving 25%)
TP1 @ 1.4466 (shaving 25%)
BSO @ 1.4375⏳
BLO @ 1.4315⏳
TECHNICAL ANALYSIS:
— The EURCAD is currently trading at 1.43431
— The moving averages are all pointing upwards, which is a bullish signal
— The RSI is in the overbought zone, which could signal a potential sell-off
— The MACD is crossing above the signal line, which is a bullish signal
Overall, the technical analysis for EURCAD is bullish. However, the RSI being in the overbought zone that could signal a potential sell-off. Based on this calculated guess, I'm going my chances with a Buy Order(see above)
HIGH IMPACT EVENTS:
— The economic outlook for the Eurozone and Canada
— The interest rate differential between the Eurozone and Canada
— Crude oil prices
— Geopolitical events
FUNDAMENTAL ANALYSIS
Interest Rates:
The European Central Bank (ECB) has raised interest rates twice in 2022, while the Bank of Canada (BoC) has raised rates four times. This has put upward pressure on the Canadian dollar and downward pressure on the euro.
Inflation:
Inflation is slightly higher in Canada. This could lead to further BoC rate hikes, which would continue to put downward pressure on the euro.
EURCAD Potential DownsidesHey Traders, in today's trading session we are monitoring EURCAD for a selling opportunity around 1.43600 zone, EURCAD is trading in a downtrend and currently is in a correction phase in which it is approaching the major trend at 1.43600 support and resistance zone.
Trade safe, Joe.
Ecad pullback to short**Find out more from my Tradingview Stream this week**
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EURCAD Downside PotentialHey Traders! 👋
For Day 19/100 of our challenge, we will look at EURCAD downside potential this week.
- Recently rejected 1.0465 resistance
- Now heading towards 1.45 strong support
- When 1.45 breaks, we can expect 1.444 to be met
This is based on seasonality and retail positioning. Check them out for yourselves 👍
Have a great start to the week. Hope you enjoyed your holiday 🥂
EURCAD: Last buy round then sell to the 4H MA200.EURCAD is on a very consistent bullish pattern since February giving low risk buy signals on the HL trendline and sell signals on the HH trendline. This is well illustrated by the bullish technicals on the 1D time-frame (RSI = 63.779, MACD = 0.009, ADX = 34.173). The price is currently on the final bullish wave to the HH trendline, and we will stay long with TP = 1.51550. That is the 1.618 Fibonacci extension, which marked the previous Higher High (HH). Then we will sell targeting the 4H MA200 (TP = 1.4900).
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EURCAD Halfway to its long-term buy zone.The EURCAD pair hit the first target we set on our late-March analysis:
The pattern that emerges is a Channel Up and the next high probability buy entry is located exactly at its bottom on the 1D MA50 (blue trend-line). If the price breaks below the Channel Up, we may see a prolonged accumulation on the 0.618 Fibonacci level. As you see the Fibonacci levels have been targeted since the rise started last August and filled the gaps on all Lower Highs during the Bear market. The next gap to be filled is none other than the December 22 2021 High. Our long-term target in both scenarios is 1.57000.
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