Dear Colleagues
I hope you are well.

I found a great Shorting opportunity for EURCAD             . It has been a while since I traded Canadian Dollar             but I think currently this pair is offering a great opportunity.

Here are the reasons which I used to enter the trade:
1) This is Weekly Canadian Bond Yield and it seems the uptrend move is continuing and I think it is going to get to the upper band of the wedge . The higher the Yields are the stronger the currency is. On the daily TF it is up 1.47 % and bouncing off the EMAs. The stronger CAD is great for our EURCAD             trade. Think about it.

2) This is the Weekly weighted average CAD versus the other 7 major currencies and see how much room it has to complete the wedge again and gets to the overhead resistance. See the red rectangle . This is where I think the price will get to. Again stronger CAD good for our EURCAD             short trade. Also remember price has been struggling for 3 weeks to break the previous Fibo overlaps and see how nicely it bounced off the EMAs.

3) This is Canadian Dollar Futures             . We would like to see stronger futures , right?. You may say it is heading lower and yes you are right but see the price action. It bounced off the EMAs but a few pips (red circle) and was unsuccessful to make a lower low. See the false breakout of the previous low. (Blue dotted line). I think it is heading up. It is up slightly today as you can see.

4) CAD bonds are also down for 0.31%. FX and bonds move against each other. No chart for this one as it is not clear for the presentation purposes.

Next we discuss today’s Euro             market.

5) This is Weekly Euro futures             . It is self-explanatory. See how much room we have. Beautiful. Is not it?

6) This is Weekly weighted average EURO             and see how RSI screaming. lol. On the daily TF I have triple tops. Considering the above chart I would say we may see a fall in EURO             . Cheaper Euro             is what we need for our EURCAD             short trade.

7) I like this EURO             index. It is picture perfect. It moves against EURO             . It is clearing heading higher after a false breakout of the wedge and channel. I am on this on Long too. See how much upside room it has to get to the channel overhead.

For entry signals PM me.
Thank you,
Khan