The EURCAD has been trending very nicely recently and it seems like this trend is never going to stop. However, as this market is approaching the 1.45 level the bearish power seems to wane. The bulls may feel support coming from the lows to the left and the large-scale bull trend line. The new lows are timid, the volatility dwindles, the bear trend line has been tested for the fourth time and price has formed a classic wedge pattern - it all adds up as the early signs of a corrective rally. It's not a buying opportunity yet though as the trend is clearly down. On the weekly time frame the bull market hasn't retraced by 38.2% yet, so after a small breather the corrective decline may resume in direction of that level.
-----------
Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
-----------
Disclaimer:
There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
