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EURCAD trade ideas

EUR/CAD mini upward wave to 1.51(07/31/2024)Bears are controlling CAD, in fact, there is no reason to be bullish on CAD neither Fundamental nor technical! EUR/CAD is on a strong bullish bias. CPI data was positive and made EUR stronger. We are expecting the price to reach 1.51 where the most liquidity has been placed eventually. Our technical view has been shown in the chart. If you like it then Support us by liking, Following, and Sharing. Thanks For Reading 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.)
Long
by fortunamarkets
Can we see a bearish movement in the price???Price is approaching a key supply zone which I'm expecting to see sellers coming in. Previously sellers came in and left a key orders block which could be tested sooner. On the Fundamentals, EUR/CAD sell trade is supported by: 1. Canada's strong GDP growth as released in news 2. Eurozone low inflation expectations as released in news on Monday 3. ECB's dovish stance suggesting at further interest rates cuts 4. Canada's rising producer prices as released on news recently should be 2 days ago Potential impact: - CAD strengthens, EUR weakens which means sell EURCAD
Short
by Angelos_Trader
EURCAD Forex Pair Analysis: Market Trends and Key Levels✨ Welcome to my channel. Here, we analyze a new crypto project or Forex pair every day. 📅 Let's dive into today's analysis, focusing on the EURCAD pair in the Forex market. 🗂 About the Pair: The EURCAD pair represents the exchange rate between the Euro and the Canadian Dollar. It's influenced by factors such as European and Canadian economic data, central bank policies, and global market sentiment. 📊 Weekly Timeframe Analysis In this timeframe, EURCAD has shown significant range-bound movement. The pair is currently testing a key resistance level around 1.50153, with major support found at 1.29621. The RSI indicator shows a reading of 62.21, suggesting the market is nearing overbought conditions but not at extreme levels yet. 📈 If EURCAD breaks above 1.50153, we could see further bullish momentum, potentially reaching towards the next resistance level at 1.57769. 📉 Conversely, if the price fails to break through and reverses, a pullback towards the support level of 1.43037 could indicate a bearish trend continuation. 📊 Daily Timeframe Analysis On the daily chart, EURCAD has been trending upwards since early 2023, with the current price action testing the resistance around 1.50153. The RSI at 63.44 reflects bullish momentum but is close to overbought territory. 🧲 A breakout above 1.50153 could signal a continuation of the uptrend, targeting higher levels. 📉 However, a reversal or stabilization below 1.49002 may indicate a weakening of the bullish trend and potential for a correction. 📊 4-Hour Timeframe Analysis In the 4-hour timeframe, EURCAD recently experienced a strong bullish impulse, followed by a consolidation phase. The pair is currently testing resistance at 1.50182. 📈 For long positions, a breakout above 1.50182 could provide an entry point, with targets at 1.51000 and beyond. 📉 For short positions, key support levels to watch are 1.49188 and 1.48730, with a potential for deeper retracement towards 1.47733. 📊 RSI Oscillator The RSI across the timeframes is currently indicating a mixed outlook: Weekly: 62.21, close to overbought Daily: 63.44, nearing overbought 4-Hour: 46.58, neutral with room for both upside and downside A clear break of the RSI levels, combined with price action confirmation, could help identify potential trade entries. 🧲 Conclusion Given the current bullish momentum in the weekly and daily timeframes, a short-term long position could be considered if EURCAD breaks above 1.50153. However, caution is warranted as the pair approaches resistance, and the RSI suggests potential overbought conditions. A watchful eye on support levels and volume trends will be crucial for assessing the strength of any moves. ⚠️ Please note that this is not financial advice. I'm simply providing this analysis for educational purposes. Always do your own research and consider your trading strategy and risk management plan. 🫶 If you found this analysis helpful and want to support me, please boost this analysis. Feel free to leave a comment or suggest a pair you'd like me to analyze next.
by itsparham96
From a bullish order flowThe daily rejection block has been successfully respected because we have and bearish engulfing candlestick, this is to confirm a bearish market. On the 4h timeframe we have a break of structure followed by a sweep with let price to clear the previous swing low. We now have a shift, anticipating a flip to level 1.50100 for a bearish entry, in this trade we are risking 20 pips in order to gain 100 pips because we are targeting the significant zone at 1.49100…
by tokelohomi
EUR/CAD Testing Support: Pullback or Continuation?Alright traders, let’s break down the EUR/CAD 4H chart. The current price is around 1.50117, just above the 21 EMA at 1.49909. While we've been in a solid uptrend since mid-July, the price is now showing signs of a potential pullback, having tested the resistance level at 1.50350 and pulling back slightly. Market Structure Analysis: Current Trend: The market has been in an uptrend, but a pullback is currently underway. Key Levels: Immediate support at 1.50008 and the 21 EMA at 1.49909. Resistance remains at 1.50350. EMA Positioning: The price is still above the 21 EMA, indicating overall bullish momentum, but watch closely as the price approaches this support level. Potential Scenarios: Bullish Continuation: Entry Point: Look for a strong bullish reversal candle off the 21 EMA or above 1.50008. Stop-Loss: Place your stop-loss just below the 21 EMA at around 1.49750 to manage risk. Take-Profit: Set your first take-profit level at 1.50350 and a second target at 1.51000 if the bullish momentum continues. Bearish Pullback: If the price breaks and closes below the 21 EMA and the support at 1.50008, it could signal a deeper pullback. In this case, watch for the next support level around 1.49750 for potential buying opportunities or consider short positions targeting the lower support. Given the current setup, I'm leaning towards monitoring the 21 EMA and 1.50008 support level closely. A strong bounce off these levels will confirm a continuation of the bullish trend, while a break below could indicate a deeper pullback. Stay sharp, manage your risk, and trade smart.
by SheenaL
Setup Sunday 28-07Hello Traders! Here is another Setup Sunday from my side.\ The market was very very good for my strategy in the last 10 weeks, overall a lot of profits have been made. Right now it's back into a big correction overall, so you will see a lot of red pairs in this video. But no worries, I will also show some good potentials and my expectations in the next 1-2 weeks of the red pairs that might still be very very potential later on :) Good luck everyone! Happy trading! :D
by stefann187