The recent pullback in EURCAD may present a buying opportunity. The Canadian dollar has been weak overall recently, but some positive news late last week is causing the EURCAD currency pair to pull back toward its trend line. EURCAD’s 20-day exponential moving average closely matches the trend line.
Entry is in the vicinity of the trend line, near 1.5365. The stop should be placed beneath the red line, a former resistance level which should now act as support. The red line is located at approximately 1.5300. This is a trend trade, based on the assumption that the trend will continue.
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