Canadian Building Permits for April are predicted to decrease by 4.8% monthly. Forex traders can compare this to Canadian Building Permits for March, which increased by 5.7% monthly.
The forecast for the EUR/CAD remains bullish after this currency pair ended its sell-off and started to drift higher.
With the Tenkan-sen entering a sideways trend, the Kijun-sen halted its descend, suggesting the start of a temporary bottom-forming process. The Ichimoku Kinko Hyo Cloud also ended its move to the downside and now poses the next resistance level. After the CCI briefly advanced into extreme overbought territory, it corrected and has more upside potential.
Should price action for the EUR/CAD remain inside the or breakout above the 1.4700 to 1.4780 zone, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.4740
- Take Profit Zone: 1.5140 – 1.5190
- Stop Loss Level: 1.4640
Should price action for the EUR/CAD breakdown below 1.4700, recommend the following trade set-up:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.4640
- Take Profit Zone: 1.4500 – 1.4540
- Stop Loss Level: 1.4700
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