I've been watching the EUR/CAD for a while and While the Euro has been tanking against the USD and YEN it has been Stomping on CAD and even the GBP Hitting all new lifetime high against the GBP it's has also been stomping on the CAD.
The Canadian has been holding ground fairly ok against the Yen but clearly against the EUR it has not. This may present a good shorting opportunity as the rise has been extensive and several months long. Due to market gap we see it's fallen already a bit and I'm prepared for a short with a stop in the area of 200 pips. The MACD is heading towards Zero and if it breaks I'm prepared to risk it and enter a short.
What do you think?
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sounds good, but this pair has been around sub 1.625 all day so far
ReplyDeleteThe price is hovering around this area which is indicative of two things:
ReplyDelete1: The market momentum is running out of steam
2: The market is adding positions and drive it higher.
I would wait on this pair to see a confirmation such as the MACD turning and heading down under the zero line.