• Sept 25, 2024
  • Trade ideas

EURCAD: Critical Momentum

EURCAD, Daily

EURCADDaily.png

In the Daily timeframe, EURCAD formed a rising channel pattern, and the price fell to the lower trendline. Despite the long-term growth, a divergence formed on the MFI.

  • If the price breaks the lower trendline below the support at 1.5000, the fall will be to 1.4900 and 1.4850;
  • A rebound from the trendline and a rise above MA50 will take EURCAD back to 1.5150;
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Egor Schmidt