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EURCAD Long-Term Correction (Sept 8, 2014)
Reviewing the long-term price action of EURCAD indicates that the pair may be in the middle of a huge market correction, as the recent selloff is stalling at the 38.2% Fibonacci retracement level of the previous uptrend.
At the same time, this retracement zone lines up with an area of interest or a resistance turned support level. Stochastic is already in the oversold area, indicating that buyers could take control of price action sooner or later. Price is also finding support at the 1.4100 major psychological level, with the next potential support at the 1.4000 major psychological mark.
A rally from this area could take EURCAD up to the near-term broken support at 1.4500. Further gains could take it to the previous highs eventually.
Going long at market with a wide stop below the 1.4000 mark and a target at the previous highs could yield a high return on risk.
By Kate Curtis from Trader's Way
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