EURCAD pushes through but is it playing with us?

Good evening ladies and gentlemen

I hope you all had a wonderful weekend! What weather we are having!! Simply amazing! The only problem with this weather is dealing with the people who complain how hot it is! Strangely it's the same people that complain when it's too cold!! How does that work?

So it's our second week with the cross currency pair of the EURCAD and she is currently sitting in a very interesting position after the Bulls beat the Bears to the tune of around 130 pips so far.

Below is the 4 hour chart. Last week I left you with the dilema of what could happen according to your/our analysis! However could the oh so familiar saying of The trend is your friend be holding true once again! On Friday, price was being held by the R Line but as we can see today it has managed to break through that! So now could we be seeing a fake break out with the formation of reversal candlesticks that we can see currently happening or could price now use the R Line as a S Line for further Bullish move. Looking at the indicators MACD is still below the midline but closing in on it! RSI and Stochastics are not yet OB which could indicate further Bullish movement!



As always do your own analysis!

I will leave you with this thought "It's easy to see why a society's need for structure and the individual's need for self - expression can conflict. Every person who wants to master the art of trading faces such a fundamental conflict!"

Till tomorrow

Abundance is your Birth Right

Zaheer Anwari