EURCAD | short trade opportunity 👀
- For today's trade, we have EUR/CAD. It's trending towards the downside on all the higher time frames, and all the moving averages are nicely following the trend as well.
- We have a 1-hour bearish engulfing candlestick closure, breaking all the moving averages and suggesting bearish power in the market.
- The trade has some room to move before it will re-test daily support, so at least 30-40 pips.
- The hedge funds are indicating that EUR is being sold off while CAD is being bought.
- There is no news today for EUR, but tomorrow we will have CPI news, which might have an impact on this trade.
- We have a 1-hour bearish engulfing candlestick closure, breaking all the moving averages and suggesting bearish power in the market.
- The trade has some room to move before it will re-test daily support, so at least 30-40 pips.
- The hedge funds are indicating that EUR is being sold off while CAD is being bought.
- There is no news today for EUR, but tomorrow we will have CPI news, which might have an impact on this trade.
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