EURCAD has been choppy and indecisive for several months.
The pair has managed to move just 350 pips since carving the year-to-date low on October 1.
Notice all the back and forth price action since that time.
That indecision has made the EURCAD a difficult pair to trade.
But nothing lasts forever, and I often find that the best opportunities materialize on the back of weeks or months of consolidation.
One such opportunity could materialize via the descending channel below.
Notice how EURCAD recently came into channel resistance and has even carved several bearish pin bars on the weekly time frame.
We’re also starting to see lower highs since November 21.
But despite the channel above and the weekly pin bars, the EURCAD is still a sideways market.
So what could tip the scale in favor of shorts?
As you might expect, the recent choppy price action has formed another channel on the way up, this time an ascending one.
We can use that formation to spot weakness and perhaps even a short setup.
Of course, we first need to see sellers secure a daily close below support.
That support level is around 1.4620 as of today’s price.
If we do see EURCAD close below that 1.4620 area, a move toward the year-to-date lows at 1.4430 would not be a surprise.
On the other hand, a daily close above descending channel resistance near 1.4700 could turn the pair higher.
All in all, though, I would prefer to sell EURCAD given the downtrend that has been in place since March of last year.
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Can provide me with signal
Entry point
Take profit and
Stop loss
No, I don’t do that. I do teach though: https://swingtrading.dailypriceaction.com/lifetime-membership
Eurcad on fire thanks to your analysis. Is it possible to provide the following
enter point
Take profit
Stop loss
Mr. J. Bennett, I am following your free daily set ups, been doing that since 2018. Bro you been of great help to me, your magic works, keep up the good work. And I am yet to go far with you. Peace.
EUR/CAD playing out great so far. Thanks man. You have helped me see the markets in a different light. I have been trading for nearly 7 years, yet I have learned so much valuables strategies from you. I even take cues from the seemingly random things you say. Your insights on the market is excellent. My trading results has certainly improved much these past few months. Looking forward to a brighter 2020. And ultimately becoming a full member of your service. I salute….