Who wants to trade the trend today?
If so, you won't want to miss EUR/CAD falling from its highs reached in August.
Look at this arrangement for the 4 hrs time period!
After being rejected not once, but TWICE in the most recent several days, EUR/CAD has retreated from its August highs.
The pair is interesting today since it is set to cross several significant potential support zones.
The 1.4650 minor psychological handle, for instance, corresponds with the 50% Fibonacci retracement level.
Furthermore, the current levels of the EUR/CAD are not too distant from the ascending channel support, which has been held since late June of this year.
Will the purchasing pressure on the EUR/CAD be sufficient to sustain the uptrend?
If EUR/CAD shows a clear rebound from the 1.4625–1.4650 range, it might return to its August highs of 1.4790.
If there is enough bullish momentum, we might potentially return to the 1.4870 highs from July!
You can wager on a potential downward breakthrough if you aren't sure that EUR/CAD will continue to gain pips.
Watch for continued trading below the psychological level of 1.4600, which would encourage EUR/CAD bears to push the pair towards prior support levels like 1.4500 or 1.4450.
Whatever bias you choose to trade, be sure to apply stop losses and stick to a thorough trading strategy!
