Hope you all had a great weekend! And good luck in the week ahead! How do you see the market this Monday? I thought it wasn’t that bad, there are a few opportunities plus plenty of currency pairs are trading in a short term range, I just need them to break the range before I start looking for trade opportunities.
One of the pairs that I’m currently watching is the EURCAD, from the long term charts, its clear that it is in a bearish condition, therefore short opportunities are in play! On the short term charts, it is trading in a short term range, but since we are already in a bearish condition, its ok to look for short opportunities, here is the short term range:
I’d like to see the EURCAD retracing back to the ST resistance level and if it forms a significant pattern with downward pressure, I’ll definitely go short.
One important note: It needs to trade below the ST resistance level in order to be considered bearish, if it breaks this level up, I’ll forget about looking for short opportunities.
Follow me on Facebook
EURCAD Analysis, forex, trading