Recommendation for EUR/CAD: Sell

Sell Stop : Below 1,55

Stop Loss : Above 1,575

Indicator Value Signal
RSI   Neutral
MACD   Sell
MA(200)   Neutral
Fractals   Neutral
Parabolic SAR   Sell
Bollinger Bands   Neutral

Chart Analysis

EURCAD

On the daily timeframe, EURCAD: D1 is correcting down from the maximum since February 2013. It broke down the uptrend support line. A number of technical analysis indicators generated signals for further decline. We do not exclude a bearish movement if EURCAD falls below the lower Bollinger band: 1.55. This level can be used as an entry point. We can place a stop loss above the last 2 upper fractals, the upper Bollinger band and the Parabolic signal: 1.575. After opening a pending order, we move the stop loss to the next fractal maximum following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (1.575) without activating the order (1.55), it is recommended to delete the order: some internal changes in the market have not been taken into account.

Fundamental Analysis

Canada released positive data on the labor market. Will the EURCAD quotations continue to reduce?


Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD retreats to 1.0750, eyes on Fedspeak

EUR/USD retreats to 1.0750, eyes on Fedspeak

EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.

EUR/USD News

GBP/USD remains on the defensive around 1.2500 ahead of BoE

GBP/USD remains on the defensive around 1.2500 ahead of BoE

The constructive tone in the Greenback maintains the risk complex under pressure on Wednesday, motivating GBP/USD to add to Tuesday's losses and gyrate around the 1.2500 zone prior to the upcoming BoE's interest rate decision.

GBP/USD News

Gold flirts with $2,320 as USD demand losses steam

Gold flirts with $2,320 as USD demand losses steam

Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.

Gold News

SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51

SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51

Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version. 

Read more

Softer growth, cooler inflation and rate cuts remain on the horizon

Softer growth, cooler inflation and rate cuts remain on the horizon

Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.

Read more

Majors

Cryptocurrencies

Signatures