2020-03-12 • Updated
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.
SELL 1.5440; TP1 1.5400; TP2 1.5250; SL 1.5455
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Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
The New Zealand Dollar (NZD) is under pressure due to concerns about the country's economic growth, exacerbated by bearish technical indicators and the US Dollar's strength. Recent data showing negative growth in New Zealand, with GDP contracting by 0.1% in Q4 2024, suggests a recession. Despite this, the Reserve Bank of New Zealand (RBNZ) has not ...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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