EURCAD trade ideas
EURCAD 17/09/2024Monthly:
-Resistance where we could expect a reaction.
Weekly:
-Weekly highs.
Daily:
-H&S pattern.
-Daily highs.
-Fib Completion -68
-Bearish daily candle.
4H:
-H&S pattern.
EURCAD UPTREND EURCAD
Price has refused to go lower and has continued the uptrend. The next price level will be 1.5600, and a brake above that will be 1.5200 as next, but keep in mind that a brake below 1.5100 will take us to 1.50400.
EUR/CAD Rebounds from 1.4900: Rally Towards 1.5205EUR/CAD has tested the support level at 1.4900 for the third time and is now showing upward momentum. Based on this price action, we anticipate a further rise toward the first resistance level at 1.5055 . Should the pair successfully break above this resistance, there is potential for continued bullish movement, with a possible climb towards the second resistance level at 1.5118 . If the momentum remains strong, EUR/CAD could extend its rally to the third resistance at 1.5158 and even reach the fourth resistance at 1.5205 . Monitoring the price action at these key levels will help confirm the continuation of the uptrend.
EURCAD POSSIBLE SELLThe market is currently testing the current weekly Fib area 0.786. Based on 4HR TF, the market seems to be forming a possible reversal chart pattern.
We could see Sellers coming in strong should the current level hold.
Disclaimer:
Please be advised that the information presented on TradingView is solely intended for educational and informational purposes only.The analysis provided is based on my own view of the market. Please be reminded that you are solely responsible for the trading decisions on your account.
High-Risk Warning
Trading in foreign exchange on margin entails high risk and is not suitable for all investors. Past performance does not guarantee future results. In this case, the high degree of leverage can act both against you and in your favor.
Lingrid | EURCAD breakout and RETEST Trading StrategyThe price perfectly fulfilled my last idea. It hit the target. Recently, the FX:EURCAD broke and closed above a downward channel, by forming a ABC move. This bullish breakout is significant as it reflects a shift in momentum after a period of downward trend. The market has reached a critical area where previous sell-offs occurred, which suggests that there may be some resistance at this level. Given this context, I anticipate a short-term pullback as the market may seek to retest the channel's upper border before continuing its upward trajectory. Importantly, the major trend remains bullish on the daily timeframe, supporting the idea of a continuation trade following the anticipated pullback. My target is resistance zone around 1.52000
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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EURCAD H4 BEARISH BAT PATTERN 16/09/24Based on EURCAD H4 chart, a bearish bat pattern has formed
T bar formation Level : 1.5149
Confirmation level : 1.5130
TP1 : 1.5049
TP2: 1.4988
EURCADWe are in favor of selling in this region, and we have set the target points that must be reached, and we are awaiting the result
EURCAD is in a Bullish PatternHello Traders
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A great SELLING opportunity on EURCAD A great selling opportunity on eurcad with high r/r with small stop loss and multiple confirmations
EUR-CAD Risky Long! Buy!
Hello,Traders!
EUR-CAD is trading in a
Local uptrend and the pair
Made a retest of the broken
Key level of 1.5041 which
Is now a support and is
Already going up again so
We are bullish biased locally
And we will be expecting
A further move up
Buy!
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EURCAD ;H4 Sell narrativeAll things being equall , any possitive reaction at region 50950- 50200 , is good sell
EUR/CADFull analysis of EUR/CAD
1- A bearish price channel on a 4-hour frame
2- Overbought on RSI
3- The appearance of divergence on the MACD
4- The emergence of strong display areas
So we start looking for areas for sale
Sell eurcadCurrently trading in a downward channel and respecting it
Still overall bearish momentum daily and weekly overbought
Still expected sell next whole week
EURCAD Will Fall! Short!
Here is our detailed technical review for EURCAD.
Time Frame: 6h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish
The price is testing a key resistance 1.503.
Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.498 level.
P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.
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EURCAD: Trading Signal From Our Team
EURCAD
- Classic bearish setup
- Our team expects bearish continuation
SUGGESTED TRADE:
Swing Trade
Short EURCAD
Entry Point - 1.5059
Stop Loss - 1.5105
Take Profit - 1.4981
Our Risk - 1%
Start protection of your profits from lower levels
❤️ Please, support our work with like & comment! ❤️
EUR/CAD SHORT FROM RESISTANCE
Hello, Friends!
EUR/CAD is making a bullish rebound on the 2H TF and is nearing the resistance line above while we are generally bearish biased on the pair due to our previous 1W candle analysis, thus making a trend-following short a good option for us with the target being the 1.498 level.
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EURCAD- Bearish trade setup on 4H Time FramePrice Channel:
The price appears to be moving within a defined downward channel (bearish structure), with the price approaching the upper boundary of this channel. This is often considered a potential selling opportunity as the price might reverse from the upper boundary and continue following the downtrend.
Entry Point:
The entry is defined near the 1.5060 level. This is where price action touches the upper boundary of the channel and meets resistance, making it a potential short entry point for a downward continuation of the trend.
Stop Loss: 1.50692
The Stop Loss is placed above the resistance level, likely to protect the trade from a breakout against the position. The stop loss is defined at 1.5093, which is above the recent highs and outside the price channel. This setup minimizes the risk if the market reverses unexpectedly to the upside.
Take Profit: 1.48994
The Take Profit level is set significantly lower, likely near the bottom of the descending price channel, with a potential target around the 1.4899 zone. This provides a favorable risk-to-reward ratio, as indicated by the distance between the stop loss and take profit zones.
Trend Continuation:
The overall structure suggests that this is a trend-following trade, betting on the continuation of the bearish trend for EUR/CAD. The price action reflects a steady decline, and the current setup aims to capitalize on this downtrend.
Fundamental Factors to Consider:
The EUR/CAD pair is impacted by macroeconomic factors from both the Eurozone and Canada. Some fundamental aspects that could influence this trade are:
Oil Prices:
The Canadian Dollar (CAD) is heavily influenced by oil prices due to Canada’s significant oil exports. Rising oil prices tend to strengthen the CAD, which could support the bearish view for EUR/CAD. A drop in oil prices, however, might weaken the CAD and invalidate the bearish scenario.
ECB and BoC Monetary Policies:
Any divergence in monetary policies between the European Central Bank (ECB) and the Bank of Canada (BoC) will likely affect the pair. If the BoC is more hawkish (leaning towards tightening), it would strengthen the CAD and further support this bearish technical setup. Conversely, dovish signals from either side may impact the trade outlook.
Economic Data:
Economic releases such as GDP growth, inflation, and employment data from both the Eurozone and Canada will be important to watch. Stronger-than-expected economic data from Canada could strengthen the CAD and support the downward momentum. Conversely, positive Eurozone data could provide support for the Euro.
Global Risk Sentiment:
CAD is a commodity currency and often strengthens during periods of global risk appetite. In contrast, the Euro tends to be more stable during uncertain times. Keep an eye on geopolitical events or changes in global risk sentiment that might impact this trade.
Conclusion:
The chart suggests a short setup on EUR/CAD, with a clear bearish bias supported by the downward channel and technical resistance levels. The setup involves a favorable risk-to-reward ratio with a stop loss placed above resistance and a take-profit target near the channel’s lower boundary. Fundamental factors such as oil prices, economic releases, and central bank policies will play a crucial role in shaping the movement of EUR/CAD.
