I’ve been staring down the Eur/Cad chart and notice it’s at resistance and on the same horizontal line as the may 5th high. I also notice it’s just about/just did break out of the Ichi cloud on the day long chart. I’m not one for looking to much bigger than the day long chart, BUT the weekly and Monthly STOCH say this pair has room to run upwards.It’s on 1.430 at the end of day friday 6/3. Personally I’m going to wait until sunday night to see what happens because i don’t like placing a breakout order on a friday.
Fundamentally i think it goes higher because of the overall market risk aversion AND for the CAD, oil has been consolidating/going lower.
But anyone else out there have thoughts on this I’d like to know. i don’t really watch this pair but thought someone else who does might have more insight than me.
As of later Friday I came across the news that Trichet (sp?) is going to have a press conference this week with some saying despite Greece he will come off a little hawkish. AND OPEC is meeting Wednesday and the reutrs reports the Saudi wantes to increase output which will lower oil and hurt the Loonie. Canada also has 4 meaningful reports this week. All of which would make this pair soar. I’m going to go with the old saying “buy the rumor, sell the news”. with this newer info I’m expecting a little bit of drawback on Monday/Tuesday and I’m looking to buy that dip. i need to double check the Trichet news conference date and time. But it looks like a good setup.
Hi, sorry I am very late to this thread, but I shorted this pair earlier in the week, based on the Daily chart hitting the resistance around 1.4330. That resistance was tested early last month, and had been previously around last Autumn, but Price has not been above that level since February last year. It high-tested for a few days, but now I am a few % up on the trade. 1.4000 is obviously a key big number, so Price could turn around there, but I would not have gone long based on that chart. Some pairs, I find, respond well to key horizontal S&R levels, and EUR/CAD is one of them. I am sorry that this response is a little late, but hopefully you find my take helpful.