EURCAD Forecast and Technical Overview Week of Dec 09-13

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.

Technically:

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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