A potential shorting opportunity for EURCAD for this week
On 27 January, I posted a call for fake break-out of the neckline for an inverted H&S for EURCAD.
Entry price was 1.4545 and it is in 86 pips of profit now (current pre-open price 1.4459). Please see the Related Ideas.
I see a great selling opportunity for this pair in the coming week for the following reasons:
Weekly Weighted Average CAD is about to break the shorter TF resistance and visit the EMAs (14 and 21). That small Gap is about 1.5% potential bullishness for CAD for this week.
Very convincing Monthly candle for Jan (EURCAD _ M1)
An I think you can pretty much guess what the next move is on Weekly too. Just see how seller jumped in shorting this pair in 2023.
on Daily we have enough room at least to get to 1.43 without any key support level
What I do not like about this trade is EUR which is still relatively bullish but the overall structure of EURCAD is good enough for me to trace it in the week ahead.
Have a great trading week,
KHAN
Entry price was 1.4545 and it is in 86 pips of profit now (current pre-open price 1.4459). Please see the Related Ideas.
I see a great selling opportunity for this pair in the coming week for the following reasons:
Weekly Weighted Average CAD is about to break the shorter TF resistance and visit the EMAs (14 and 21). That small Gap is about 1.5% potential bullishness for CAD for this week.
Very convincing Monthly candle for Jan (EURCAD _ M1)
An I think you can pretty much guess what the next move is on Weekly too. Just see how seller jumped in shorting this pair in 2023.
on Daily we have enough room at least to get to 1.43 without any key support level
What I do not like about this trade is EUR which is still relatively bullish but the overall structure of EURCAD is good enough for me to trace it in the week ahead.
Have a great trading week,
KHAN
