EURCAD Forecast and Technical Overview Week of Dec 09-13
- BoC kept the interest rates unchanged
- ECB Interest Rate Decision and Monetary Policy Statement are released on December 12th. ECB is expected to keep monetary policy unchanged.
We have been selling the pullbacks of EURCAD pair. After achieving our medium term target at 1.45600, the pair retraced 1.47700.
- The medium-term trend is bearish and the upside is capped by SMA200 Daily at 1.48300.
- Near term trend is bullish. The pair is trading above SMA200 H4.
- The pair is stuck in a triangle on the H4 Chart.
- A bullish triangle is emerging in the H1 chart. – Entry Signal will be sent to members –
- If the price breaks above 1.47000, it is likely to test 1.47400 and 1.47700.
- Fresh selling opportunity could be the breakout of 1.45800. Downside targets are 1.45500, 1.45270 and 1.44700.
Potential harmonic and/or breakout setups will be posted along with Live Charts.
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