theforexportal
Short

EURCAD waiting for Draghi. SHORT for now.

FX:EURCAD   Euro / Canadian Dollar
EURCAD has pushed impressively north and has broken through critical resistance of the 200 day sma on the DTF. With studies overbought, a retrace looks inevitable from these levels.
As all EUR pairs, we await the outcome of ECB President Draghi's speech on Monday.
Anything remotely hawkish or even anything not dovish could set the euro on the path for bigger gains once resistance has been broken.

Trade idea
Look to SELL this market in anticipation of a cooler from Draghi.
STOP above recent highs at 1.4400.

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