EURCAD trend on the weekly and daily chart is bearish so traders should continue to look for selling opportunities and expect the pair to continue lower until a clear trend change shows that the down cycle is over. We at Elliott Wave Forecast always advise our members to always trade with the trend and not against it. Below we will show scenarios that follow this practice and possible scenarios where traders can act on and watch for selling opportunities.
EURCAD 4 Hour showing clear resistance and support levels. Break below lower channel trend line can possibly signal that down trend will continue and a clear break below support level will confirm that the pair will push lower.
Below is a chart where momentum price action can just push EURCAD lower and make newer lows. For this scenario traders need to watch price action break-outs of certain levels to Sell/Short EURCAD and add momentum to push the price lower. To see a better explanation of this strategy click here >Trading Momentum Price Action Break-outs
EURCAD 1 Hour Price Action Break-out
Below is a bearish Elliott Wave count matching a bearish pattern (blue) where both charts are calling the same inflection selling zone where bears can be possibly waiting to push EURCAD lower.
EURCAD 1 Hour Elliott Wave Count
EURCAD 1 Hour Bearish Pattern (Blue)
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter > @AidanFX if you have any questions
*** Always use proper risk/money management according to your account size ***
Subscribe !!! Become an EWF member and get access FREE to our Live Trading Room > Click and get access
At Elliottwave-Forecast we cover 52 instruments (Forex, Commodities, Indices) in 4 different timeframes and we offer 3 Live Session Webinars everyday. We do Daily Technical Videos, Elliott Wave Trade Setup Videos and we have a 24 Chat Room. Our clients are always in the loop for the next market move.
Try Elliottwave-Forecast for 14 days FREE !!! Just click here –> 14 day FREE trialBack