Chapter 25 Will EURCAD change to a downtrend?
06/04/2023
Summary
Canada's unemployment rates lead the market
Fundamental analysis
Fundamentally on this pair of EURCAD, Today we have news released of Canada's unemployment rates with a positive result better than market expectations which will give the Canadian dollar strength On the other hand we see negative news release today in eurozone construction PMI Which will make the euro's weaker.
Canada Unemployment Rate
Previous 5%
Actual 5%
Eurozone Construction PMI
Previous 47.6
Actual 45
Technical analysis
In this 4-hour diagram chart, the market price now is 1.47283, we expect the market to push the price down to the previous demand zone at 1.46580 and then expect the price to keep down to break the demand zone and do pull back to it to test the price at this zone and we expect the price to keep pushing down to the oldest demand zone at 1.44500 creating lower high and lower low formation with 20 moving average pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price:1.46586
Target Price:1.44525
Stop Loss: 1.47692
