Chapter 42 Could EURCAD change to a downtrend?
21/12/2022
Summary
Canada CPI Leads the market
Fundamental analysis
On Wednesday today, we see the news release of the inflation rate on the Canadian dollar CPI
Markets take the news as a positive for the Canadian dollar And we don't have that much news on the euro the next coming two days before the Christmas holiday.
Canada CPI YoY (Nov)
Previous 6.9%
Actual 6.8%
Technical analysis
We see in the one-hour diagram chart market is trending down by creating a lower high and lower low in a down channel with twenty moving averages pointing down as well, the price now is 1.44450 we expect the price to reach the previous demand zone at 1.43350.
Trading Recommendation
Trading Direction: Short
Entry Price: 1.44257
Target Price: 1.43353
Stop Loss: 1.44961
