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Weekly forecast Euro / Canadian Dollar technical chart
Symbol EURCAD

Download MT4 template file

Trade Setup

#EURCAD
Total Profit: 651 pip
Closed trade(s): 201 pip Profit
Open trade(s): 450 pip Profit

Trade Setup:
We opened 7 BUY trade(s) @ 1.4942 (day close price) based on 'Two-day reversal candle (Hammer)' at 2018.11.13 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/E...

Closed Profit:
TP1 @ 1.4970 touched at 2018.11.14 with 28 pip Profit.
TP2 @ 1.5115 touched at 2018.11.20 with 173 pip Profit.
28 + 173 = 201 pip

Open Profit:
Profit for one trade is 1.5032(current price) - 1.4942(open price) = 90 pip
5 trade(s) still open, therefore total profit for open trade(s) is 90 x 5 = 450 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.
DateDecember 1, 2018 - 12:02
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast beginning of uptrend.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.47985 on 2018-08-15 and the trough at 1.47505 on 2018-10-04, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • While the RSI uptrend #2 is not broken, bullish wave in price would continue.
  • A peak is formed in daily chart at 1.5150 on 11/30/2018, so more losses to support(s) 1.4970 and minimum to Trend Hunter Buy Zone (1.4825 to 1.4735) 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 52.

Take Profits:

  1. 1.4970
  2. 1.5115
  3. 1.5285
  4. 1.5450
  5. 1.5585
  6. 1.6150
Click on the level to view price action history.
Symbol Released Current Forecast
Euro / Canadian Dollar (EURCAD) new Sun, 21 Apr 2024
Euro / Canadian Dollar (EURCAD) Sun, 14 Apr 2024
Euro / Canadian Dollar (EURCAD) Sun, 7 Apr 2024
Euro / Canadian Dollar (EURCAD) Sun, 31 Mar 2024
Euro / Canadian Dollar (EURCAD) Sun, 24 Mar 2024
History
Daily-Trading-Opportunities on EURCAD.