So far without a new position, but hopefully soon something will happen:


The pair has come to resistance, which has been tested several times in the past. This may be a correction of recent increases which may take a form of a simple ABC correction. If the Price Action (Price Bar, Fakey, Inside Bar) signal appears, you will want to consider entering short.



After the Bank of Canada raised its interest rates, the Canadian dollar strengthened. Currently EUR/CAD is on important support and a correction can occur here. However, given the dynamics of declines, the correction should be used to open shorts. The opportunity to open tade can be reaching the nearest resistance. Another signal will be breaking of support and a re-test from below.



Yesterday I wrote about this pair when it tested resistance. As you can see it has been defeated with great dynamics and now I will wait for the downward correction and re-test of the resistance (now support) from the top. Then it will be a good opportunity to open longs consistent with the short-term trend.


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