Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Darius Anucauskas

EUR/CAD – Technical Outlook

We have seen some recovery from EUR/CAD over the past few days, with the pair pushing higher from last week’s lows of around 1.4915. EUR/CAD continues to trade between the bounds of a downwards moving channel, taken from the 20th of March. The pair is currently knocking on the upper bound of that channel, but until it is broken, we remain sceptical on the upside potential.

Because the trend is still negative, we will stick to the downside and treat this current move higher as a small correction. A move back down towards the 1.5080 level and eventually a break of it could pull EUR/CAD towards the recent lows of 1.5000 or even the 1.4950 area. Below that, the pair could make its way towards the 1.4815 zone or the lower bound of the aforementioned channel.

Alternatively, if we start seeing a test again of the upper bound of the downwards moving channel, this might interest the bulls in breaking it and driving EUR/CAD higher. More bulls could start joining in and we could see the pair moving towards the 1.5240 zone first and then possibly for a test of the 1.5315 area. If after that, the momentum still remains to the upside, then we could see EUR/CAD traveling all the way up to 1.5440, a level last seen in the beginning of May.

2018.06.06 EURCAD 240 Logo


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Brokers, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Brokers analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyzes and must therefore be viewed by the reader as marketing information. JFD Brokers prohibits the duplication or publication without explicit approval.

FX and CFDs are leveraged products. They are not suitable for every investor, as they carry high risk of losing your capital. You should be aware of all the risks associated with trading on margin. Please read the full Risk Disclosure.

Copyright 2018 JFD Brokers Ltd.