EURCAD more likely to break the topside
It is more likely to see EURCAD breaks the top side:
Reasons:
1) See weighted average EURO. What do you expect?
A rotation inside the wedge formation which means it is more likely to see EURO to become stronger
2) This is CAD weighted average. And even if it is going to go higher it must touch the falling trend line (support)
If CAD falling and EURO rising then EURCAD is a good combo to go Long.
But looking at 4hrs TF it has a very tough job to break the resistance. But if it does the first target will be 1.52
Reasons:
1) See weighted average EURO. What do you expect?
2) This is CAD weighted average. And even if it is going to go higher it must touch the falling trend line (support)
If CAD falling and EURO rising then EURCAD is a good combo to go Long.
But looking at 4hrs TF it has a very tough job to break the resistance. But if it does the first target will be 1.52
Comment:
With OIL price going lower this trade will materialize ...
So far it broke the wedge formation and found the upper band of the wedge as a support
So far it broke the wedge formation and found the upper band of the wedge as a support
USDCAD is up about 50% too which means CAD is getting weaker...