Canadian dollar had shown significant strength yesterday most likely in relation to rising oil prices, which have breached $51 per barrel. and there is also the possibility that last week Friday’s strong Canadian jobs numbers are being priced in as well. there is the German zew economic sentiment out later today, with a positive number expected, so will remain cautious.

Eur/cad daily chart.

price has come off of MM3 as show by my arrow on my chart, thus monthly target is mm2 and n ms1 as shown by the ticks on my chart. furthermore the daily stochs have turned to the downside, also shown on my chart.

Eu/cad h4 chart

price has started the week at wm3, and hit first profit target at wm1. as shown by tick and arrrow. it appears as though the 21 and 55 ma's are about to cross to the downside, as shown by the x, an thus we may be moving into a downtrend, with possible second target at ws2

eur/cad hourly chart

looking for entry either in the dm3- 50 to 61.8 fib zone, alternatively i will look for an entry at the 21 ma.

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