Ready to Start Trading?

Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.

Apply online

Any Questions?
Contact us:

phone: +1 849 9370815

email: sales@tradersway.com

Join Us in Just 1 Minute!

متاتریدر 4
متاتریدر 5

EURCAD Bearish Channel (Aug 25, 2017)

EURCAD is trending lower and is moving inside a short-term descending channel visible on the 1-hour chart.

Price just bounced off the resistance and is making its way back to support at the 1.4700 handle. 

The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside, which means that the downtrend is more likely to continue than to reverse. In addition, the 100 SMA appears to be holding as dynamic resistance while the 200 SMA is close to the channel resistance, adding an extra layer of resistance. 

Stochastic is on the move up, though, so there may be some bullish pressure left in play. In that case, another test of the channel resistance could take place before more bears push for the trend to resume. 

There have been no major reports from the euro zone in the previous trading sessions, leaving traders to price in their expectations for ECB head Draghi's speech in Jackson Hole. According to a source from the ECB, policymakers aren't ready to share more details on their next policy moves just yet, which suggests that there could be room for disappointment during the event.

510 170825_eurcad

As for the Canadian dollar, the currency has been able to hold on to its gains despite the dip in crude oil. Hurricane Harvey is projected hit Texas on Friday so refineries are ramping up output to prepare for likely shutdowns when the storm hits. This could keep supply elevated throughout next week, possibly leading crude oil to retreat. 

By Kate Curtis from Trader's Way

Any Questions?
Email Us: sales@tradersway.com

bob@tradersway.pro/fa
قیمت ها
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread
Instrument Bid Ask Spread

2023 Martin Luther King Holiday Schedule

Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....

Learn more

bob@tradersway.pro/fa