EURCAD Lower
I like trying EURCAD lower here.
From a technical perspective we're close to the 200 DMA which has been a good form of resistance for the pair for a while. We are also close to the upper channel on EURUSD which it has rejected lower which could also mean further EUR weakness.
Overall the story for the EUR has been good recently but i think we're starting to move back to energy worries. CAD story has been poor on economic growth worries, but overall CAD should still outperform the EUR. US CPI and NFP as well as FOMC next week are events that i think will be positioned into with USD buying which should help the pair move lower it is a proxy to EURUSD more so than USDCAD.
The VIX is lower, stocks are higher and an overall risk on mood should mean that the pair moves lower as well. The rate differentials are also pointing lower.
Not trading/investment advise, feedback welcome!
From a technical perspective we're close to the 200 DMA which has been a good form of resistance for the pair for a while. We are also close to the upper channel on EURUSD which it has rejected lower which could also mean further EUR weakness.
Overall the story for the EUR has been good recently but i think we're starting to move back to energy worries. CAD story has been poor on economic growth worries, but overall CAD should still outperform the EUR. US CPI and NFP as well as FOMC next week are events that i think will be positioned into with USD buying which should help the pair move lower it is a proxy to EURUSD more so than USDCAD.
The VIX is lower, stocks are higher and an overall risk on mood should mean that the pair moves lower as well. The rate differentials are also pointing lower.
Not trading/investment advise, feedback welcome!
Note
coming out at breakeven here ahead of US CPI
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.