EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
EUR/CAD: correction time?
Information is not investment advice
After opening the week with a gap up, EUR/CAD formed two inside bars on the D1. This is the sign that the advance has run out of steam. The pair is awaiting the actions and comments of the European Central Bank. The ECB will announce its policy changes at 14:45 MT time and hold a press conference at 15:30 MT time. Market players expect the regulator to announce monetary stimulus following the path of other key central banks.
Notice that support for EUR/CAD lies at 1.5445 (23.6% Fibo of the February-March advance). The next level on the downside will be at 1.5400. The decline below this point will open the way down to 1.5245 (top of the gap; 38.2% Fibo). Given the overbought condition of the pair, we recommend considering bullish trades only above 1.5650 targeting the previous high in the 1.5800 area.
Trade idea for EUR/CAD
SELL 1.5440; TP1 1.5400; TP2 1.5250; SL 1.5455
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
US final GDP for 2Q -31.4%% vs -31.7% estimate
ADP, US GDP, Chicago PMI and Canadian GDP – all numbers exceeded expectations. Which currency will outperform? Let’s try to find out.
EUR/CAD may get down to the bottom of the September sideways channel if bears keep pressing.