EUR/CAD – 93% Traders Are SHORT! Bearish Reversal Brewing?The EUR/CAD pair is currently in a bullish trend, but multiple technical and sentiment signals are pointing toward a possible trend reversal.
🔍 Key Observations:
Trend: Bullish (but losing momentum)
Bearish Divergence: Price making higher highs while RSI indicators show lower highs.
Pattern:
About Euro / Canadian Dollar
The Euro vs. the Canadian Dollar. The Euro is the second most popular reserve currency in the world and is considered to be very stable. The Canadian dollar is the seventh most commonly traded currency in the world and is highly dependent on Canada’s exporting of its natural resources, especially oil.
Related currencies
EURCAD → Consolidation above the mirror level...FX:EURCAD continues its global bullish trend. Locally, within the upward movement, we see a pause, but the nature of this pause is not aimed at a reversal, but at consolidation before growth.
EURCAD, within the upward trend, is pausing before local resistance at 1.6052. A pre-breakout base is
EURCAD: More Growth Ahead 🇪🇺🇨🇦
EURCAD broke a resistance line of a bullish flag pattern yesterday.
A consequent confirmed Break of Structure BoS indicates
that the rise will most likely continue.
The next strong resistance is 1.61.
The market is going to reach that soon.
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Could the price bounce from here?EUR/CAD has bounced off the pivot which is a pullback support, and could rise to the 1st resistanc,e which is a multi-swing high.
Pivot: 1.58922
1st Support: 1.57671
1st Resistance: 1.61066
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trad
Bulllish bounce off?EUR/CAD is falling towards the support level which is a pullback support that aligns with the 38.2% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 1.5897
Why we like it:
There is a pullback support that lines up with the 38.2% Fibonacci retracement.
Stop loss: 1.
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Displays a symbol's price movements over previous years to identify recurring trends.
Frequently Asked Questions
The value of the EURCAD pair is quoted as 1 EUR per x CAD. For example, if the pair is trading at 1.50, it means it takes 1.5 CAD to buy 1 EUR.
EURCAD is a minor currency pair, i.e. a popular pair that is not associated with USD. Such pairs are also called cross currency pairs.
Currencies are usually traded through forex brokers — choose the one that suits your needs and go ahead. You can trade EURCAD right from TradingView charts — just log in to you broker account. Check out the list of our integrated brokers and find the best one for your needs and strategy.