According to my technical and fundamental analysis, the EURCAD pair is currently trending towards the sell side, making it a prime opportunity for traders to short the pair.
From a technical standpoint, the pair has broken below a key support level at 1.49200, indicating a bearish trend. In addition, the recent price action suggests that the pair may continue to decline, providing a profitable trading opportunity with a good risk-to-reward ratio.
Furthermore, from a fundamental perspective, the economic data from the Eurozone has been weak in recent months, while the Canadian economy has been performing well due to the steady rise in oil prices. This has potentially created further downside pressure on the EURCAD pair.
Therefore, I suggest placing an entry point at 1.49100 to initiate a short position. My target for the sell trade on the EURCAD pair is set at 1.4600. This target price is based on technical analysis of the pair's chart, as well as the bearish outlook for the Eurozone economy, while the Canadian economy is expected to continue to perform strongly.
However, it is important to note that as with any trading strategy, there are inherent risks involved. Traders should always execute proper risk management techniques when entering a trade, such as using stop-loss orders and limiting their exposure to the market.
From a technical standpoint, the pair has broken below a key support level at 1.49200, indicating a bearish trend. In addition, the recent price action suggests that the pair may continue to decline, providing a profitable trading opportunity with a good risk-to-reward ratio.
Furthermore, from a fundamental perspective, the economic data from the Eurozone has been weak in recent months, while the Canadian economy has been performing well due to the steady rise in oil prices. This has potentially created further downside pressure on the EURCAD pair.
Therefore, I suggest placing an entry point at 1.49100 to initiate a short position. My target for the sell trade on the EURCAD pair is set at 1.4600. This target price is based on technical analysis of the pair's chart, as well as the bearish outlook for the Eurozone economy, while the Canadian economy is expected to continue to perform strongly.
However, it is important to note that as with any trading strategy, there are inherent risks involved. Traders should always execute proper risk management techniques when entering a trade, such as using stop-loss orders and limiting their exposure to the market.
Abdul Vahid