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EUR/CAD Rebound Eyes 1.4340 Hurdle

EUR/CAD Rebound Eyes 1.4340 Hurdle

Michael Boutros, Strategist

Talking Points

EURCAD Daily

Chart Created Using FXCM Marketscope 2.0

Broader Technical Outlook

  • EURCAD rebounds off June high / posts outside day- bullish
  • Interim resistance at the median line (~1.4333) backed by 1.4381
  • Subsequent resistance objectives at 1.4429 & 1.4561/90
  • Interim support 1.4160- bullish invalidation
  • Subsequent support objectives at200DMA (1.4113), 1.4051 & 1.3991
  • Daily RSI holding 40-support / pending resistance trigger- breach would be bullish
  • Key Event Risk Ahead: Canada Retail Sales & CPI and Eurozone Consumer Confidence tomorrow

EURCAD30min

Notes: EURCAD has rebounded off June high with today’s rally breaking above TL resistance to post an outside-day candle. The immediate focus is higher while within the confines of the proposed pitchfork off last week’s low (blue) with resistance objectives eyed at 1.4293 & 1.4333/42. A breach above key resistance at 1.4382/86 is needed to validate a larger-scale reversal in the pair targeting the monthly open & the July high at 1.4493.

The trade remains constructive while above former trendline resistance / 1.4232 with a break sub 1.4160 needed to shift the focus back to the short-side targeting the 200-day moving average at 1.4114, the May high-day close at 1.4050 & the key 61.8% retracement at 1.3991. A quarter of the daily average true range (ATR) yields profit targets of 30-33 pips per scalp. Added caution is warranted heading into the Canadian retail sales & CPI figures tomorrow with the release likely to fuel volatility in CAD crosses.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases Next Week

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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