EUR/CAD: a short-term scenario

EUR/CAD: a short-term scenario

Trade idea

SELL 1.4960; TP1 1.4930; TP2 1.4915; SL 1.4975

EUR/CAD tested 1.5040 yesterday but then closed below 1.50. As a result, a candlestick with a long upper wick was formed on D1. This will make the near-term movement to the upside more difficult. In addition, the pair remains within the descending channel since the start of the year.

On H4, the interim top will be confirmed in case of the slide below 1.4965 (50-period MA). The downside targets, in this case, will lie at 1.4930 and 1.4915. A close above 1.5040 is needed to open the way up to 1.5140 (200-day MA).

Volatility will likely increase as Canada will publish CPI data later today.

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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