Currently, EUR/CAD is trading at 1.5625. The pair is trading in a downtrend from some time by making channel patterns in the resistance and support wedges . The price is about to touch the resistance level at 1.5673 and it may rebound back from there. The pair is in downtrend from some time, so it may continue its down-trend and touch its support level at 1.5495 after rebounding from the resistance level .
Follow proper risk management strategy to avoid unnecessary losses and to increase profitability, don’t risk more than 2% of your capital on each trade.
Do follow us for future Forex technical analysis and Ideas.
Thank you,
Rishikesh Lilawat
Rishikesh Lilawat has over seven years of experience in trading Forex and commodities markets, out of which three years in two investment banks as a professional Forex and commodities trader. He holds an M.B.A degree in finance and business analytics from the University of Pune. Realizing the central role of a trader and because of his personal and particular interest in trading, He built skills in market research, technical analysis, fundamental analysis, risk management, and fund management, etc and focus his efforts on communicating and sharing views on market trends and patterns.
