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EUR/CAD Pullback to be Viewed as Opportunity

EUR/CAD Pullback to be Viewed as Opportunity

Michael Boutros, Strategist

Talking Points

  • EURCAD eyeing near-term resistance - pullback to be viewed as opportunity
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)


EURCAD Daily Chart

Technical Outlook:EURCAD is responding to initial resistance. We discussed this setup at length in today’s webinar and heading into the start of the week the risk remains for a pullback lower sub-1.4428/50 before resumption of the broader advance seen off the February lows. Remember, we’re working under the assumption that EURAUD is undergoing a behavioral change with a topside breach of the larger descending formation off the 2015/2016 highs favored.

Key support & bullish invalidation rests at the 1.42-hanldle with a breach higher targeting a key resistance confluence at 1.4533 where the 50% retracement converges on former trendline support extending off the 2016 highs- a close above this region would be needed to open up the next big leg higher for EURCAD.

EURCAD 240min

EURCAD 240min Chart

Notes: A closer look at price action highlights an overshoot of the median-line / December highs with the pair pulling back today in U.S. trade. Look for initial support at 1.4248/68 backed by near-term bullish invalidation at 1.4176- both levels of interest for possible exhaustion / long-entries. A breach of the highs still has to contend with the upper median-line parallel (blue) converges on the August lows at ~1.4428/50.

From a trading standpoint, I’ll be looking immediately lower with a pullback into the lower support objectives to offer favorable long-entries. A quarter of the daily average true range (ATR) yields profit targets of 23-27pips per scalp. Added caution is warranted heading into the Netherlands elections & Eurozone CPI later in the week with the events likely to spark increased volatility in the euro crosses.


Relevant Data Releases

EUR/CAD Pullback to be Viewed as Opportunity

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at or Click Here to be added to his email distribution list.

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