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  4. EUR/CAD Strong bearish channel confluence

EUR/CAD Strong bearish channel confluence

November 23, 2016 08:35

The EUR/CAD is waiting for Crude Oil inventories data on the expectations that OPEC is planning to cut in a meeting this or next week. Crude Oil data should create CAD volatility. Technically EUR/CAD is nose diving within the bearish channel with 1.4200 as strong support. POC zone (EMA89, bearish order block, channel top) 1.4280-1.4305 shows a retracement trend line break (RT) and is suggesting more downside to come. If the pair continues with a drop below the POC or rejects again from POC the target is 1.4200 with 1.4130 and 1.4098 as next targets. However any spike above 1.4305 could target 1.4325 and eventually 1.4402. I expect rallies to be sold as cut is clearly bullish for Oil. That will translate EUR weakness into Oil additional strength.

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