EURCAD Bearish Flag/Triangle

Good evening Dynamic Traders,

What a day its been, lots of movement in the markets. Congratulations to those of you who have been doing your analysis, pulling the trigger and taking what the market makes available to you.

The CADJPY mentioned on last night's post successfully broke down and provided a movement of just over 300 pips. Today I actually feel very spoilt for choice, so much opportunity is presenting itself in the form of break outs, chart patterns etc.

Below are two charts of the EURCAD. The daily shows a potential bearish flag formation. Price had retraced to the Fib breather level and is currently resting on a trendline.

The 4 hour chart identifies price in a triangle. The Figure and value index are in close proximity and price has been consolidating. A breakout/BOB is anticipated so the appropriate rules can be applied for entry.

Charts courtesy of Advanced Get

Question 7
Who is in control?

Opportunistic trading!

Bijal Shah