Unfortunately, the beginning of the week in FOREX is a bit boring. There are no strong signals to buy or sell. We will try to analyze the potential for the currency pair EUR/CAD.
On its 1W TF, the trend is bullish. The Williams %R returned back from the oversold zone into the working zone.
On our working 1D TF, the Parabolic SAR is close to the price. The pair is approaching a 23,6% Fibo level of 1,5083. MACD line is reversing and coming to the signal line. The Williams %R broke the lower line and returned back into the working zone.
Results: if the pair breaks the level 23,6% it is better to open long positions with the target 1,5211.
The most important news will be released on Wednesday 10th, the European Central Bank will make a decision about the interest rate going forward. The market will listen carefully to Mario Draghi’s comments. If Draghi continues to speak about the economy’s stimulation the Euro may fall. Otherwise, there is the possibility that the Euro will rise.