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Eurcadsetup

EURCAD Technical Analysis - Currently we can see a downward channel formation on EURCAD - 1.5450-1.5400 is a support area and 1.5700 is a resistance also the upper edge of the channel. - The price is above 200 EMA on Daily TF. - A sustained move over 1.5400 will indicate the presence of buyers. If this move creates enough upside momentum then i'll look for the rally which can possibly extend to 1.5700 - Meanwhile, A daily close below 1.5400 can take the price to 1.5050
Long
by UnknownUnicorn3749633
2
EURCAD, 4hr tf, sell after wave-4 retracementHello my friends, Another setup for the coming week is EURCAD pair. As you can see, the recent movement of EURCAD could be analyze using Elliott Wave theory. We could assume the recent movement to the downside as an impulsive wave-1 and wave-3. After this impulsive wave-3 we could expect price to retrace. Wave-4 usually retrace around 23.6%-50% fibonacci retracement. Well, for the best trade setup we could try to set a pending sell limit order around 50% retracement because it will give us a favorable 3R setup. Sell limit EURCAD 1.5570 Stop loss 1.5610 Take profit 1.5450 (3R) RR Ratio 1 : 3 Use only 1-2% risk After price move according to our direction for 40-50 pips, please set SL to BE or take partial profit Good luck
Short
by HayatoDragonFX
EURCAD | perspective for the new weekSince a successful Breakout on the 12th of Nov. 2020, Price found Demand zone @ CAD1.54800 eight good times before finally finding the momentum to Break out off Bearish trendline @ CAD1.55100 towards the end of the trading session on Friday to make a Bullish statement. Tendency: Uptrend (Bullish ) Structure: Trendline | Supply & Demand Observation: i. Price continues to respect Bullish Trendline on the Weekly chart to emphasize the prevailing direction of price. ii. Price rejects CAD1.54800 level eight times since on the 16th of Nov. 2020 to finally Breakout off Key level @ CAD1.55200 which also coincides with Breakout off the Bearish trendline. iii. Key Level shall remain a yardstick for buying option for me in the coming week. Trading plan: BUY confirmation with a minimum potential profit of 120 pips. Risk/Reward: 1:5 Potential Duration: 1 to 3 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
EURCAD Bullish Trade SetupIn the EURCAD chart above, the price made a five-wave impulse rally, in wave "i". According to the Elliot Wave principle, a three-wave correction in the opposite direction follows every impulse move. In EURCAD's case, the corrective move has been taking the shape of a double-three pattern which seems to be completed or still has the potential to make another leg down in wave (Y). While putting the probabilistic scenario of wave (Y) in consideration, the break of the green line will indicate the completion of the corrective structure and signal the resumption of the bullish impulse. I just have my buy stop set at the level and waiting for the market to do is things. What's your view on EURCAD? Best of luck on the chart, Veejahbee.
Long
by Veejahbee
EURCAD, 4hr tf, sell on broken trend line retestHello my friends, There is another setup i just found which is EURCAD pairs. Before i start, if you find this post useful, please give me a like and follow me for my next update. Price currently moving inside a downward channel and price was rejected at upper line touch. There is also horizontal support which has been broken and I am now preparing to sell this pair. I am gonna sell on the retest of trend line so we could get a better RR ratio. There is possibility the previous upwards movement was a bearish flag. The measured objective of this bearish flag target is at 1.5320. Sell EURCAD 1.5550 Stop loss 1.5600 Take profit 1 at 1.5430 (2.4R) Take profit 2 at 1.5330 (4.4R) Use only 1-2% risk Good luck
Short
by HayatoDragonFX
EURCAD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of EURCAD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 41 - 05 Oct M > Price faced rejection at monthly resistance zone and started moving downwards. Price also completed W pattern. W > Price dropped to test previous resistance now turned support and started a pullback to the upside. Price is also finding support of upward trendline. D > Price moved up to test daily resistance faced rejection and dropped back quickly. As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped. CAD saw closure of both Long and Short positions, N-R saw addition of Long and Short positions and Commercials saw closure of both Long and Short, confirming weakness of CAD for the said week. CXY gained strength last week. 4H > Price had dropped again closer to support trend line, we can also see secondary trendline getting respect with just one violation in last 5 weeks. Price will find it tough to drop and break two support trend lines, hence we expect another upward attempt to test resistance level. Pair Correlation > EURCAD has positive correlation with EURGBP and negative correlation with CADCHF. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions. Thank You AP17FX
Long
by AP17FX
1
ECAD buy analysis 01/10/2020This morning we are taking a look at a different pair. We have huge upside potential, providing we can respect support down at 1.55950, and break resistance at 1.56150 and then form a support around that area, we have good confirmations to execute longs with two big ranges to attack. Our first target would be resistance at 1.56750 before targeting 1.57350. As usual I would look to secure 10-20 pips and let the rest run. If support is broken there is no trade.
Long
by rhf_fx