EURCAD: Targeting 1.4250 ?

Wed 8th February 2023 : Daily Currency Strength Analysis

In Today’s Video we’re looking at Trading Setups in:

• EURCAD
• EURCHF (Covered in Video)
• GBPUSD (Covered in Video)

EURCAD Targeting 1.4250 ?

In today’s forex strength video we identified that the Euro (EUR) is on the weak side of the tables and the Canadian Dollar (CAD) is on the strong side.

It is important to trade a strong vs weak currency to give us an edge in the market.

The tables help us to identify this and where the momentum is.

EURCAD has found resistance at the major resistance level of 1.4625.

A minor range developed underneath this level and has since been breached lower.

This could offer traders a sell opportunity if the price were to test the range and find resistance.

Sellers could target the recently formed lows of 1.4250.

Technical Observations

• The EUR is W2 and CAD is S3 on the day traders table.
• Price rejected major resistance at 1.4625.
• Minor range on the H8 chart has been broken.
• A retest could offer a selling opportunity.
• Targets will be the recent lows at 1.4250.