The overall structure is bearish. The presence of several bearish patterns (ascending wedge, bearish flags), multiple breaks of structure (BOS), and the price staying below the Ichimoku cloud strongly suggests that the downtrend is still in play.
The volume analysis further supports this, with higher volume on sell-offs and lower volume during upward retracements.
Unless the price breaks above the resistance zone (around 1.5010-1.5040) with strong volume, it is highly likely that the EURCAD pair will continue lower. A potential downside target is the support zone around 1.4920, and a break below this could open the way for further bearish continuation.
I'll place a sell order at 1.49671, in case Lagarde's later speech may make sudden moves / price manipulation.
The volume analysis further supports this, with higher volume on sell-offs and lower volume during upward retracements.
Unless the price breaks above the resistance zone (around 1.5010-1.5040) with strong volume, it is highly likely that the EURCAD pair will continue lower. A potential downside target is the support zone around 1.4920, and a break below this could open the way for further bearish continuation.
I'll place a sell order at 1.49671, in case Lagarde's later speech may make sudden moves / price manipulation.
Note
unfortunately the Sell limit I placed was too high, but the continuation is still bearish with a good engulfing red candle, after a bounce at the 1.4957 level
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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.