Thursday, June 30, 2022

EURCAD closed at entry price zone after consolidating at the higher low breakout area of the minor Ascending channel
2 mins well spent

EURCAD Analysis:

EURCAD is rebounding from the low level of the descending channel in the 4-hour timeframe chart.

EURCAD hits the higher low area of the Ascending channel

In the 1-hour timeframe chart, EURCAD has reached the higher low area of the minor Ascending channel.

After confirmation of upward movement, EURCAD buy signal is given.

But EURCAD has broken the higher low area of the minor Ascending channel line and started to consolidate between the Entry zone.

Fundamental News Reason: Bank of Canada increases the interest rate from 0.50% to 1.00% it may have a chance to make a positive impact on the Canadian dollar.

Technical reason: EURCAD has broken the higher low area of the minor Ascending channel and consolidating now in the 1-hour timeframe chart.

The market moving up and down between the entry price ranges for more than 2 days.

As per signal following rules, due to consolidation at the entry, the EURCAD signal has closed at an entry price level.

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