EURCAD is trading within a narrow consolidation area since the end of July.
Approaching its support, I see two potential scenarios for the pair:
- Bearish
In case of a bearish breakout & daily candle close below the underlined horizontal support,
bearish continuation will be expected to 1.47 level - Bullish
To catch a pullback from the underlined support,
on focus is a falling channel on 1H chart.
Bullish breakout of its resistance will be your trigger to buy.
Goal will be 1.483
Wait for a trigger and follow the market!
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Related publications
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.