First attempt at posting on here so bear with us and expect improvements as we publish more and get used to the screens and functionality
Long EURCAD after bouncing off short term Fibonacci support from YTD high last week looking for a move higher into ECB meeting on Thursday (super mario effect), Canadian retail sales later today and Canadian GDP next week. Slowing global growth data into Q1 where we see high chances of large drop in both US and Chinese GDP (the former from govt shutdown etc and the latter from tightening financial conditions and impacts of trade rhetoric/tariffs).
Stop loss set below year to date low (low 1.50s) and targeting 1.54 area we saw into late December when Global growth fears were at their worst where we see higher downside beta on commodity currencies like CAD.
Long EURCAD after bouncing off short term Fibonacci support from YTD high last week looking for a move higher into ECB meeting on Thursday (super mario effect), Canadian retail sales later today and Canadian GDP next week. Slowing global growth data into Q1 where we see high chances of large drop in both US and Chinese GDP (the former from govt shutdown etc and the latter from tightening financial conditions and impacts of trade rhetoric/tariffs).
Stop loss set below year to date low (low 1.50s) and targeting 1.54 area we saw into late December when Global growth fears were at their worst where we see higher downside beta on commodity currencies like CAD.