EURCAD trade ideas
EUR/CAD Sellers Target Key Weekly Support Amid Weak Euro SentimeTechnical Analysis
On the daily chart, EUR/CAD continues its downward movement after breaking out of a mild descending channel. Sellers have driven the price to the one-week low of 1.47112, reinforcing the current bearish sentiment. If sellers succeed in breaking through this key level, further downside targets are likely, with immediate supports at 1.46626, 1.46372, and ultimately at 1.46007. The presence of divergence between the Bollinger Bands, coupled with momentum oscillators pointing lower, clearly indicates that bearish forces dominate the market for the time being.
However, if the price finds support at 1.47112 and bounces higher, resistance levels will come into play at 1.47795, followed by the major ceiling at 1.48900. A sustained break above 1.48900 would shift the broader outlook to bullish, signalling the potential end of the current downtrend.
Key Events to Watch
Investors will be closely watching Canadian inflation data related to raw material prices, which is expected to show a decline of 1.5% in October. Should the data surpass expectations, it could strengthen the Canadian dollar further, amplifying the downside pressure on EUR/CAD. Meanwhile, in Europe, speeches from ECB Governing Council members Elderson and Lane are scheduled, which could introduce some volatility for the euro.
EUR/CAD BULLS WILL DOMINATE THE MARKET|LONG
Hello, Friends!
We are going long on the EUR/CAD with the target of 1.489 level, because the pair is oversold and will soon hit the support line below. We deduced the oversold condition from the price being near to the lower BB band. However, we should use low risk here because the 1W TF is red and gives us a counter-signal.
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EURCAD Poised for a Rebound From The Support ZoneEURCAD Poised for a Rebound From The Support Zone
Yesterday, the price broke down from a Head and Shoulders pattern, moving down nearly 100 pips. EURCAD is about to test a strong support zone near 1.4700 - 1.4720.
The support zone and an empty Economic Calendar could provide an advantage for the price to rise again, as shown on the chart.
Targets based on the structure zone are:
🎯 1.4765
🎯 1.4792
🎯 1.4830
You may find more details in the chart!
Thank you and Good Luck!
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EURCAD: Bearish Momentum in PlayHello Traders,
Trust trading has been awesome for you.
Please find below my analysis of the EURCAD currency pair from H4 perspective.
Trend & Sentiment
The pair remains bearish, forming lower highs and lows. Sellers maintain control, though the current consolidation suggests temporary indecision, even though price is facing resistance around the 1.48591.
Key Levels:
Resistance: 1.48591
Support: 1.47211
Possible Movement
A break below the equilibrium at 1.47993 could accelerate bearish momentum toward 1.47211 and 1.45831. A short-term pullback to the resistance at 1.48591 is possible (as we saw the buyers temporarily pushed above this region and closed back below it) but likely to face renewed selling pressure.
Short-Term Target: 1.47800
Medium-Term Target: 1.47211
Long-Term Target: 1.45831.
This trade may last from now till 22nd November or beyond to fully unfold.
Conclusion
The bias remains bearish, with a focus on the downside targets unless the price breaks above 1.48898 to challenge the trend.
Cheers and happy trading!
#004 DCA EURCAD SHORTI just woke up from my hour-long nap and I was awoken from the alert that I set on TradingView regarding my TP level getting hit.
It was on a previous trade on the GBPCHF short which netted me about 40cents SGD.
After the alert, I began looking for setups passively, and scrolling through the Daily Time Frame somewhat, and I saw that EURCAD was dumping, I checked if the 4H, 1H and 15 minutes are aligned with the 60SMA and they are all aligned.
Infact, the 15 Minutes Time Frame's current candle is dumping and I entered on a sell market immediately for 100 units (0.001 lot) with no stop loss.
I proceeded to set all my other sell limit orders for if price goes against me, so that I could sell into my losses.
I am an agent, if someone wants to offload their goods and I can handle that load, I'll do it. LIkewise, if I am offloading and someone on the other end is able to handle it, they will take over my goods.
Of course, all is subject to availability of agents, as well as commissions that would affect our final price.
I think, taking strong dumps or pumps are better than taking price action that is lukewarm like GBPCHF, even though I took profit with it quickly with as little pain as possible, however, I still prefer price action that moves strongly.
So, for now, this is it. I am going to prepare to go out and get my dough through food delivery apps.
1743SGT 19112024
EURCAD Wave Analysis 19 November 2024
- EURCAD reversed from resistance level 1.4885
- Likely to fall to support level 1.4750
EURCAD currency pair recently reversed down from the resistance level 1.4885 (which is the lower border of the wide sideways price range inside which the pair has been trading from July, acting as the resistance after it was broken earlier).
The downward reversal from the resistance level 1.4885 stopped the previous intermediate ABC correction (2) from the end of last week.
Given the strongly bearish euro sentiment seen today, EURCAD currency pair can be expected to fall to the next support level 1.4750.
EURCAD: Very Bearish Pattern 🇪🇺🇨🇦
EURCAD formed a cute head & shoulders pattern on a key daily horizontal resistance.
A bearish breakout of its horizontal neckline is a strong bearish signal
that signifies the strength of the sellers.
With a high probability, the pair will continue falling and reach
at least 1.47665 level.
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EURCAD Turning bearishI've seen enough confirmation for me to enter a sell. Strong support was broken and price has retested it today. Formed a rising pennant on H1/M30 and broke it. Also giving us a double top on H1. If this pair doesn't drop then there's some crazy voodoo spell going on. Check it out if you can also see a setup for yourself. Let's wait and see what happens
EURCADHello Traders,
Here is my analysis for this pair. Please feel free to leave any questions or comments below. I'm happy to engage with you!
The entry will only be considered once all your trading rules are satisfied. I recommend adding this pair to your watchlist and monitoring it closely. If the conditions of your strategy align, then it could present a potential opportunity.
Pro Tip:
One of the best ways to improve your trading is by learning from others. Whether it's predictions, market analysis, or trade set-ups based on clear market conditions, studying ideas will help enhance your skills and refine your strategies.
Good luck and happy trading!