Daily Price Action
Shares

EURCAD to Produce Selling Opportunity Below 1.4950

Shares

Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.

On April 9th I pointed out a key trend line support for EURCAD.

And this isn’t just any trend line.

The level dates back to September 2017 making it a twenty-month support level.

In most cases, I would be interested in buying from a level like this.

However, the EURCAD has been grinding lower since March of last year. Sellers got squeezed in December, but it’s been downhill ever since.

You can see how the pair has carved lower highs into this trend line since the March high from earlier this year.

That indicates that demand is beginning to dry up.

As such, I have no interest in buying EURCAD. I’m only interested in shorting the pair, but not until sellers can clear this trend line on a daily closing basis.

The “daily closing basis” refers to the New York 5 pm EST close.

These New York close charts are essential for trading price action.

Keep in mind that EURCAD is prone to bouncing as long as this 1.4950 area is intact.

But I also think a daily close below it could trigger an aggressive move lower.

That’s because EURCAD has been above this level for the last twenty months, so there are a lot of eyes on it.

Key horizontal support below the 1.4950 area comes in at the 2018 low of 1.4750.

A daily close below that would expose the mid to late 2017 lows near 1.4470.

I want to reiterate that this is not a sell at the moment, at least not for me. Sellers need to prove they can crack this trend line support first.

I’ll remain a spectator until that happens.

Want to see how we’re trading EURCAD? 

Click Here to join us and save 40% – Ends May 31st!

EURCAD trend line support

Leave a Comment:

8 comments
Justin Bennett says

Now you can get access to the same professional Forex charts I use!

Get access today: http://bit.ly/2UzPyiR

These charts give you five 24-hour sessions each week. They are essential if you trade from the daily or 4-hour time frames. Anything else can produce false buy and sell signals.

Download the platform here: http://bit.ly/2UzPyiR

Reply
    Abbas says

    Hi still waiting for my access to members area….

    Reply
      Justin Bennett says

      Check your spam/junk folder. All invitations go out within 24 hours, usually much sooner.

      Reply
Praise says

Always grateful. Thanks every such Sir Justin .

Reply
Erry says

Sell

Reply
Jacinta says

thank you very much for your support sir.

Reply
Abel Nyoni says

Good day Justin!May i ask…What entry criteria do you use to enter your trades.I have realized emphasizing on daily close below or above a certain level.If the trade goes in the projected direction do you use pending orders or you enter during the London or New York session.

Reply
Prashant says

key component is cad .. usdcad has perhaps exhausted the uptrend since sep17 .. i expect perhaps a 500-1000 pips drop in it .. esp if DXY turns down which is likely.

Reply
Add Your Reply