EUR/CAD

(Some reasons why the EUR/CAD is a good short-term trade...)

FOLLOW-UP:
As if to demonstrate the theory that the EUR/CAD makes for good short-term
breakouts because there is "nothing on the other side" of the trade,
here is a daily chart of the EUR/CAD back from March 2020, showing a monumental
trade after the Bank of Canada made a significant interest rate cut.

If you were long at 1.4500, you can see an increase of over 1,300 pips in a
matter of days...

any idea about EURCAD ???

Became hard to trade.
GL

The pair made a strong bearish move in the H4 chart. Then, it has been ranging within a channel for some days. Traders are to wait for the price to make a breakout and give a clear direction to trade in the pair. In case of a bullish breakout, the price may find its next resistance around 1.45500. If the price makes a bearish breakout, it may head towards the South with good momentum and find its support around 1.41800.

(From Investing.com)

I couldn't watch today's announcement because I had to work. But it's strange that
the big drop in the loonie didn't start until 1 pm. I imagine they had a big long-winded
speech and then made the announcement, right?

Hourly chart, EUR/CAD:


From the 1 pm high to the 2 pm low, there was a drop of roughly 149 pips.

For comparison's sake - here is USD/CAD - 130 pips from high to low:

The pair made some two moves yesterday in the H4 chart, which must have made many traders wait for confirmation followed by reversal pattern to take entries. At first, it made a bullish breakout at the channel's resistance. The buyers must have waited for the price to consolidate and a bullish reversal candle to go long. The price came back in instead. Then, it made a breakout at the channel's support. Again, it did not produce any bearish reversal to offer short entry to the sellers. The pair is trading within the channel again. I assume it may range for a while.

EURCAD was ranging within an up trending channel earlier. The pair gets caught within a horizontal channel now. The price had a bounce at the support of that channel. Thus, the buyers may look to go long in the pair. The chart shows there is enough space for the price to travel towards the North. The H4 chart traders along with other minor chart traders may push the price towards the resistance of the channel.

EURCAD has been trading within a horizontal channel in the H4 chart. It seems that the price gets caught within another horizontal channel. It means this is a pair, which may not offer something soon for the H4 chart traders. A Double Top or Double Bottom at the previous channel's resistance/support and breakout at the latest channel's support/resistance may add some buying/selling pressure in the pair. Meanwhile, I am not going to look to trade in the pair.

As I shared my view on this par on the 5th of November that the pair may keep being in the range, this is what it has been doing. Have a look at the chart below. I have extended the channel's support and resistance lines. It shows that the pair is being traded within these levels. Thus, no good news for H4 traders in this pair. We may have to wait more to be able to find out some trading opportunities.

EURCAD made a breakout at the support of that channel that I pointed out. The price made a good bearish move and found its support around 1.42000. It then got bullish and headed towards the North with good momentum. The breakout level 1.42930 has been working as a level of resistance as expected. The buyers may wait for the price to make a breakout at the level to go long in the pair. The price may find its next resistance around 1.44400
00

This pair was the toast of the Day! A Massive 324pips!!!!

--in one day???

updated.

This is about 1 hour and 8 minutes to the USA, New York 5 pm close

Incredible! EURAUD, EURCAD, EURNZD, GBPJPY.

Here are the close statistics, CAD is the big mover for sure

I love trading EURCAD (said no trader ever)

As it wipes out 6 weeks down move in 1 day

The pair has been trading within a horizontal channel. It did make a bullish move, but it has been ranging within that channel for a long time. Traders are to wait for the price to make a breakout to find its next direction. The pair is trading around the resistance. Thus, the buyers have more chance to get the breakout. If it does not but makes a bearish move, the sellers are to keep their eyes whether it makes a breakout at the support of that channel.