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Weekly forecast Euro / Canadian Dollar technical chart
Symbol EURCAD
Trade Setup

#EURCAD
Total Profit: -319 pip
Closed trade(s): 65 pip Profit
Open trade(s): -384 pip Profit

Trade Setup:
We opened 13 BUY trades @ 1.37086 based on 'Valley' entry method at 2022-04-22, signaled by DTO:
https://www.forecastcity.com/en/forecasts/Forex/daily-trading-opportunit...

Closed Profit:
TP1 @ 1.37735 touched at 2022-05-24 with 65 pip Profit.

Open Profit:
Profit for one BUY trade is 1.36772(current price) - 1.37086(open price) = -32 pip
12 trade(s) still open, therefore total profit for open trade(s) is -32 x 12 = -384 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.

DateJune 19, 2022 - 20:07
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.31803, beginning of uptrend is expected.
  • We make sure when the resistance at 1.41584 breaks.
  • If the support at 1.31803 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.37615 on 2022-03-07 and the trough at 1.33865 on 2022-04-29, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.33875 on 06/07/2022, so more gains to resistance(s) 1.37735, 1.39328, 1.40609 and maximum to Major Resistance (1.41584) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 59.

Take Profits:

  1. 1.37735
  2. 1.39328
  3. 1.40609
  4. 1.41584
  5. 1.44150
  6. 1.46063
  7. 1.47952
  8. 1.50929
  9. 1.53812
  10. 1.55910
  11. 1.57778
  12. 1.59734
Click on the level to view price action history.

Symbol Released Current Forecast
Euro / Canadian Dollar (EURCAD) Sun, 24 Mar 2024
Euro / Canadian Dollar (EURCAD) Sun, 17 Mar 2024
Euro / Canadian Dollar (EURCAD) Sun, 10 Mar 2024
Euro / Canadian Dollar (EURCAD) Sun, 3 Mar 2024
Euro / Canadian Dollar (EURCAD) Sun, 25 Feb 2024