EURCAD H1 Chart: CAD CPI Ahead Bearish Continuation

EURCAD H1 Chart: CAD CPI Ahead Bearish Continuation

EURCAD is retesting the broken support. CAD CPI will be released. A better than expected would accelerate the bearish move. At 1.49300 we have a bullish cypher pattern. We may see a minor retracement before the further drop.

Our Short Setup of Better Than Expected CAD CPI scenario.

Trade: Short

Entry: Sell order 1.49700

Stop: 1.5000

Target 1: 1.49300 / Reached

Target 2: 148500

Divergence/ Convergence Confirmation: Not Yet – Will be updated.

Candle Pattern Confirmation: Nothing particular

Moving Average Confirmation: Below EMA 50

The trend of the Timeframe: Bearish

The trend in the Daily Chart: Bearish

Update: TP1 Reached. Book partial profit and move stop loss to entry.

Warning and Things to Pay Attention:

1. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
2. Do not risk more than 2% in one trade setup.
3. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
4. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

VERIFIED ACCOUNT AND SETUP RESULTS

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

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