EURCAD is moving in a downtrend by forming lower highs and lower lows in the 4-hour timeframe chart.
EURCAD has reached the bottom (lower low) zone of the downtrend and trying to bounce back for correction movement.
After the confirmation of bounce back for the correction movement, EURCAD Buy signal is given.
But, EURCAD has moved up and down between the entry price ranges for more than 2 days, finally the trade has been closed at break-even due to lack of movement in the market.
As per our signal rules, If the market doesn’t reach target 1 within 2 days, we recommend our users to protect the trade by moving your stop loss or Take Profit to entry price for safe trading.
Due to this 2 days expiry rule, EURCAD has moved up and down between the entry price range for more than 2 days and it has closed at the entry price level.
At all the market conditions, We always want you to trade safe using our signal rules. please read it completely here: https://www.forexgdp.com/follow/
Canadian Dollar (CAD)
Canadian Dollar shows a good bullish path as Domestic data performed well.
Bank of Canada meeting scheduled this week, there may chance to taper its purchases and rate hikes at the end of 2021.
US Dollar performed well after Vaccination hopes and Canadian Dollar rally for Oil prices. Consumer price growth of the US scheduled this week; the data will affect USDCAD prices more.
Euro currency shows weak movement against the US Dollar as Stronger US yields came.
And ECB meeting will be held on this week if any tapering of stimulus happened. will lead to dragging Euro prices down.
And also, ECB was not happy with higher Bonds yields; as they plan to reduce bonds yields rates by Reducing purchases.
And still, Vaccinations are slow in progress in the Eurozone this will drag the Euro prices lower in a fundamental point of view.
However, In the technical view, EURCAD trying to bounce back for some correction movement.
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