EURCAD’s choppiness persists as a new 4H bearish FVG gets respected. I expect more market noises soon.

Join me as I share my first analysis and trade plan for the EURCAD cross pair.

There are no further high impact economic reports in Europe after Sunday’s French Parliamentary Elections while none for Canada this week.

Assessing EURCAD’s high timeframe candles:

Monthly Candle: Previous close is a Red Long Upper Shadow with a Medium Body current is a Green Body with a Longer Tail Wick

Weekly Candle: Both previous and current are Green Bodies with Longer Tail Wicks

Daily Candle: Previous close is a Green Spinning Top current is a Green Body with a Longer Tail Wick

In today’s analysis, I’ll be using the June 5-25 swing high to low moves as the retracement’s points of view.

At time of writing this analysis, EURCAD’s price is rallying intraday towards the nearby 61.80% fib level resistance.

The bottom last June 25 around the 1.4850 level has created a new up wave depicting a higher high and higher low trendlines.

Though appearing bullish in structure, a recent 4H bearish FVG formed last June 13-14 has been respected since last week’s closing.

I speculate that there will be a complete retracement against this bearish FVG before the next price drop.

I want to see a huge wick rejection way past above the FVG to satisfy a more choppy price action.

My EURCAD trade plan for today is simple.

I will set a sell limit order anticipating a swift buy side liquidation with a stop loss placed just a few pips above June 5 swing high area.

The take profit is set back at the June 25 bullish OB area.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

EURCAD is still hovering in the premium array and selling is more favorable at the moment.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.