Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
EUR/CAD is near support
Trade ideas
BUY 1.5140; TP1 1.5180; SL 1.5115
SELL 1.5085; TP 1.5045: SL 1.5095
EUR/CAD has approached the support line from the end of October. The pair formed a pinbar yesterday as it failed to close near the day’s high. However, the daily close was still above the 100-day MA at 1.5111, so bulls may still make another attempt to push the price to the upside.
If the pair manages to hold above the support line and overcomes resistance at 1.5200, it will get a chance to rise to 1.5265 (200-day MA on H4). The loss of support at 1.5090 will make the euro vulnerable for a decline to 1.5045 (100-week MA) and open the way down towards 1.4940.
Elizabeth Belugina
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