{"id":55555,"date":"2014-08-06T10:32:57","date_gmt":"2014-08-06T14:32:57","guid":{"rendered":"http:\/\/countingpips.com\/?p=55555"},"modified":"2014-08-06T11:35:06","modified_gmt":"2014-08-06T15:35:06","slug":"powerless-euro-drops-against-canadian-dollar","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/08\/powerless-euro-drops-against-canadian-dollar\/","title":{"rendered":"Powerless Euro Drops Against Canadian Dollar"},"content":{"rendered":"<div id=\"inves-1152291463\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 6, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <span style=\"color: #ff0000;\"><strong>Bearish<\/strong><\/span><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>German Factory Orders showed a -3.5% drop;<\/li>\n<li>Canada Trade Balance posts 1.9B surplus, beating the consensus;<\/li>\n<li>EUR\/CAD tops at resistance, signaling bearish comeback.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>EUR\/CAD was one of the few pairs where the Euro\u00a0wasn\u2019t\u00a0the underdog in recent weeks, however the technical landscape shows the rally has now\u00a0exhausted and all eyes are turning toward lower levels.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/08\/EURCAD-6th-August.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-5449\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/08\/EURCAD-6th-August.png\" alt=\"EURCAD 6th August\" width=\"700\" height=\"340\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">Traders bought the pivot zone bounce at 1.4416 \u2013 1.4440, so much so that they\u2019ve managed to put the entire downtrend at risk by pricing a Higher High above the top formed at 1.4651 on July 14<sup>th<\/sup>, only to top less than 30 pips higher. 1.4670\/80, support level in June, turned into resistance this time around, with four consecutive daily highs topping in this area.<\/p>\n<p style=\"text-align: justify;\">Today\u2019s\u2019 price action, triggered by a weakening Euro and a boosted Canadian Dollar, depicts a strong Bearish Engulfing bar, with clear intentions to test lower levels. Stochastic is signaling a possible decline from overbought territory on the Daily time frame, further confirming the bearish scenario. Zooming in on the 4H chart, Stochastic is quickly approaching oversold territory, although it will easily allow for further losses.<\/p><div id=\"inves-3030936370\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\">The first target for sellers will be the cluster at 1.4547\/54, formed around the 50% Fibonacci Retracement coupled with the 100 and 200 Simple Moving Averages on the 4H. A deeper breakdown, below 1.4547, will put EUR\/CAD back in bearish territory, which could prompt a major return from the bearish trend.<\/p>\n<p>*********<br \/>\nPrepared by Alex Z., Chief Currency Strategist at <a href=\"http:\/\/www.capitaltrustmarkets.com\/\">Capital Trust Markets<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways German Factory Orders showed a -3.5% drop; Canada Trade Balance posts 1.9B surplus, beating the consensus; EUR\/CAD tops at resistance, signaling bearish comeback. EUR\/CAD was one of the few pairs where the Euro\u00a0wasn\u2019t\u00a0the underdog in recent weeks, however the technical landscape shows the rally has now\u00a0exhausted and all eyes are [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-55555","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/55555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=55555"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/55555\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=55555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=55555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=55555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}