EURCAD has long been trading lower from 1.46267 to 1.28892 all within descending trend channel territory.
The poor EUR been struggling for it's value since 25th Aug, where it maintained the price within bearish flag that has been formed with trading ranges between 1.33352 and 1.28892.
Breaking the flag below will hints for strong bearish pressure while breaking the flag above will have same impact in opposite reaction.
On 20th Sep buyers were able to touch the upper resistance within the descending trend channel and today's price testing the same resistance.
Remember: the most support level or resistance get tested the higher it gets potential risk of break.
If price break above the tested resistance, we'll prepare for buying opportunity after retesting above the boundary of the trend channel.
I expect EUR to trade high against Canadian Dollar, and expected to reach major resistance which is around 1.37063
Fundamental aspects:
ECB has delivered Hawkish statements where Lagarde hints for 75bps rate hike in October.
Unfortunately this haven't lift the EUR enough for much gains to recovery, EUR is expected to fight back against it's rivals after the rate hike.
Canadian GDP M/M will be release today, whence lower reading as expected may help EUR to have a modest gain against Canadian Dollar.
The Canadian GDP was 0.1% in previous reading where it's expected to remain same as 0.1%.
If the reading come higher than expected, it may help Canadian Dollar for more gains.
If EUR fail to gain against Canadian Dollar, the expected price is 1.24053. which is more lower in history.
If you really have a plan on EUR. Pay attention to this structure, it'll be rewarding when use right.
The poor EUR been struggling for it's value since 25th Aug, where it maintained the price within bearish flag that has been formed with trading ranges between 1.33352 and 1.28892.
Breaking the flag below will hints for strong bearish pressure while breaking the flag above will have same impact in opposite reaction.
On 20th Sep buyers were able to touch the upper resistance within the descending trend channel and today's price testing the same resistance.
Remember: the most support level or resistance get tested the higher it gets potential risk of break.
If price break above the tested resistance, we'll prepare for buying opportunity after retesting above the boundary of the trend channel.
I expect EUR to trade high against Canadian Dollar, and expected to reach major resistance which is around 1.37063
Fundamental aspects:
ECB has delivered Hawkish statements where Lagarde hints for 75bps rate hike in October.
Unfortunately this haven't lift the EUR enough for much gains to recovery, EUR is expected to fight back against it's rivals after the rate hike.
Canadian GDP M/M will be release today, whence lower reading as expected may help EUR to have a modest gain against Canadian Dollar.
The Canadian GDP was 0.1% in previous reading where it's expected to remain same as 0.1%.
If the reading come higher than expected, it may help Canadian Dollar for more gains.
If EUR fail to gain against Canadian Dollar, the expected price is 1.24053. which is more lower in history.
If you really have a plan on EUR. Pay attention to this structure, it'll be rewarding when use right.
