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Short-term Trading Idea FX EUR/CAD – Bear Speculation: Expected Fall to 1.3385

Trading opportunities on currency pair: the EUR/CAD has broken from the trend line. Whilst the rate is below the trend line, I will consider the euro’s fall. Due to renewed growth of oil quotes, I expect a fall to 1.3385.

The EUR/CAD cannot make a break for it upwards due to the lack of progress regarding Greece and its creditors. Since there’re two reverse candles on the weekly timeframe, I decided to include this pair into my reviews today.

Since the 17th April the euro has managed to recover to 1.4161 against the Canadian. The Canadian’s growth slowed on the correction of oil. The fall in oil quotes makes Canada’s financial system vulnerable and has a negative effect on their currency. I still expect a rise in the price of oil.

Now to about what I reckon will happen with the EUR/CAD. We have an upward channel with the support at 1.3630. The trend line forms at the 1.4120 resistance. I will take a chance and say that the fall of the euro will renew to 1.3385 with the growth of oil quotes.

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