{"id":19900,"date":"2011-03-03T09:30:30","date_gmt":"2011-03-03T14:30:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=19900"},"modified":"2011-03-03T09:30:30","modified_gmt":"2011-03-03T14:30:30","slug":"eurcad-consolidating-limited-bullishness-expected","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/03\/eurcad-consolidating-limited-bullishness-expected\/","title":{"rendered":"EUR\/CAD Consolidating, Limited Bullishness Expected"},"content":{"rendered":"

By Greg Holden<\/strong><\/p>\n

Since the start of 2011, the EUR\/CAD has been fluctuating within an ever-tightening range. The consolidation point for this trend appears to be just below 1.3600.<\/p>\n

Looking over the technical indicators it seems worthwhile to point out that current momentum is bullish and we have what appears to be a relatively clear target at 1.3600 prior to any sharp movements.<\/p>\n

This price target is well within reach today. Given the flurry of events on today\u2019s calendar<\/a>, especially out of the euro zone, there is a strong possibility that the EUR will gain the needed boost to touch this consolidation point.<\/p>\n

The Stochastic (slow) on the chart below shows a cross just above the over-sold region, making it a weaker indication of upward mobility, but a bullish signal nonetheless.<\/p>\n

The MACD also reveals what could be a bearish cross, countering the limited upward strength shown on the Stochastic indicator.<\/p>\n

Since the price is within 100 points of its consolidation target, these conflicting signals make sense. There is enough data to support the upward move towards this point, but not enough to justify breaching that target.<\/p>\n

It seems more likely that traders will witness a downturn in the pair once the consolidation price target is reached today. This is also supported by rising Crude Oil prices, which often support the value of the Canadian dollar (CAD).<\/p>\n

EUR\/CAD \u2013 Daily Chart<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em>
\n<\/a><\/strong><\/em><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

Since the start of 2011, the EUR\/CAD has been fluctuating within an ever-tightening range. The consolidation point for this trend appears to be just below 1.3600.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19900","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=19900"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19900\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=19900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=19900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=19900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}