EUR/CAD has developed a support line since the end of October 2018. It is now testing that support level again, while clearly below its 9-day Exponential Moving Average. Just going back over the last few months, the pair tends to trade closely to its 9-EMA, and with it now at its trend support, I think a bounce upwards is in store.
You can see back on November 12th, it broke through this support, but was followed in the next trading session by a bullish engulfing candle, bringing the pair back into the up trend and with the support line sticking.
Trade Idea:
Buy EUR/CAD at 1.51190
Stop Loss: 1.5000 (significant psychological level)
Take Profit: 1.5150
You can see back on November 12th, it broke through this support, but was followed in the next trading session by a bullish engulfing candle, bringing the pair back into the up trend and with the support line sticking.
Trade Idea:
Buy EUR/CAD at 1.51190
Stop Loss: 1.5000 (significant psychological level)
Take Profit: 1.5150