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EURCAD trade ideas

EURCAD Projection 1.4725EURCAD spent most of last week in retracement, following a failed breakout attempt on Friday 2nd August. A clue to this was in the Volume. At the first day of August a bullish pin bar formed on higher Volume off the 20D MAV. The Volume to breakout on the next day was lower, and yet the spread 4x's larger. This means there would not be a sustained push by the Buyers, and quickly the move fizzles out, as the Sellers take control. These false breakouts act as Bull Traps, and invariably see price reenter the consolidation. As such looking for a price move back towards the 200MAV at 1.4725. This would be at the limit of the weekly ATR (which has been 250 pips in the last 2 weeks). If we consider an Intermarket Analysis, Crude Oil seems to be in an uptick and likely to go higher next week. Given that this commodity is a close proxy for the Loonie, lends an argument to a fall in EURCAD.
by Umlingo
Bearish momentum to extend?EUR/CAD is rising towards the pivot and could reverse to the 50% Fibonacci support. Pivot: 1.50239 1st Support: 1.48964 1st Resistance: 1.51188 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Short
by ICmarkets
EUR/CAD Breaks Out of Wedge Pattern, Targets 1.5268 and BeyondEUR/CAD recently broke out of a significant wedge pattern that took 169 days to form, signalling potential bullish momentum ahead. This classic technical indicator suggests that the pair could reach 1.5268, with a more aggressive target identified at 1.5440. In the short term, the price action has pulled back slightly, testing key the high from November 2023 at 1.5042, the high from July 26 at 1.5022. This pullback towards these previous highs is a natural part of the price movement, as the market tests support levels before potentially resuming its upward trend. Buyers are likely to step in at these levels, seeing the pullback as an opportunity to lift the price toward the first target of 1.5268, provided the price remains above the low of August 1 at 1.4891. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information
Long
by ThinkMarkets
Potential EUR/CAD Reversal TrendFundametnal Analysis: The Euro Area benefits from moderate GDP growth (0.3%), controlled inflation (2.5%), and a significant trade surplus (EUR 13,888 million), with stable labor market conditions (6.4% unemployment). However, it faces challenges with a contracting manufacturing sector (PMI at 45.8) and negative consumer confidence (-14 points). Canada, on the other hand, shows slightly higher GDP growth (0.4%) and inflation (2.7%), with a higher interest rate (4.75%) attracting foreign investment. Despite a trade deficit (-1927 CAD million), Canada has a slightly better manufacturing PMI (49.3) and higher consumer confidence (48 points). Overall, the Euro's strong trade surplus and stable economy contrast with the Canadian Dollar's higher interest rates and better consumer sentiment, making the outlook for OANDA:EURCAD mixed. Technical Analysis: The OANDA:EURCAD pair is currently trading around 1.49416, approaching a strong resistance zone near 1.50133, which has been tested multiple times and held, indicating significant selling pressure. The price is in an uptrend, supported by a clear upward trend line connecting higher lows since mid-2023. If the resistance at 1.50133 holds, a pullback is likely, with potential support levels at 1.48467 (TP1), 1.47622 (TP2), and 1.46697 (TP3). Conversely, if the price breaks above 1.50133, it could signal a continuation of the bullish trend, potentially reaching new highs. Traders should monitor price action around these key levels to determine their trading strategy. Trading Tip for Wednesday: CAD Overnight Rate Announcement Overview: Current Rate: 4.75% Expected Rate: 4.50% Analysis: Recent CPI data indicates a decrease, suggesting that inflation is dropping in Canada. This development points to potential monetary policy easing, with the overnight rate possibly being reduced to 4.50%. Despite this, there could be a last push up for CAD pairs. The CAD might strengthen against other currencies due to sentimental movements, such as rising oil prices, which are positively correlated with the Canadian Dollar. Overral view
Short
by rTrader_official
2
EURCAD - 4hrs ( Sell Trade Target Range 200 PIP ) Pair Name : EUR/CAD Time Frame : 4hrs Chart / Close Scale Type : Large Scale ------ spreading knowledge among us and to clarify the most importan+t points of entry, exit and entry with more than 5 reasons We seek to spread understanding rather than make money Key Technical / Direction ( Short ) Type : Mid Term Swing ——————————— Bearish Break 1.5000 Area Reasons - Major Turn level - Visible range HVN - Counter Trend Line - Quarter High Area - Fixed Range Value - Fibo Golden Zone Bullish Reversal 1.47500 Area Reasons - Major Turn level - Visible Range LVN - Pattern Target - Choch Zone - Quarter's Area
Short
by GoldenEngine
2
Bullish rise?EUR/CAD is falling towards the pivot which has been identified as a pullback support and could rise to the 1st resistance level which is also a pullback resistance. Pivot: 1.50322 1st Support: 1.48979 1st Resistance: 1.52196 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
Long
by ICmarkets
EURCAD setting up nicely for buysI absolutely love this trade setting up. here if you trade support and resistance , price action or Fibonacci, this trade sticks out like a sore thumb. beautiful set up even though I'm not a big fan of CAD pairs but i can't ignore what I'm seeing here. On the daily we see the resistance area marked in purple , this area has been tested multiple times and is a valid area of Support and Resistance, in this case it smashed through the resistance and retested that area as support, moreover there is an ICI setup bouncing clearly from the golden zone which is also the area of interest where we see price action indicting bullish momentum. i see price reaching the 38.2 Fibonacci, if we get a 4hr candle close above this line that will validate this set up and then I will be placing my Buy Limit @ 1.50835 Going for a 1:4 RR SL @ 1.50250 TP @ 1.53180 Move SL to break even after a 4hr close above 1.51500 Will be taking 80% off my position in profit at 1.52500 Will be risking 1.5%- 2% on this trade
Long
by halabirobin
EURCAD - Potential long !!Hello traders! ‼️ This is my perspective on EURCAD. Technical analysis: Here we are in a bullish market structure from daily timeframe perspective, so I look for a long. My point of interest is if price fills the imbalance lower and then rejects from bullish order block. Fundamental news: On Friday (GMT+3) we will see results of Unemployment Rate on CAD, news with high impact on currency. Like, comment and subscribe to be in touch with my content!
Long
by Snick3rSD
2