Following the big moves in euro after yesterdays european central bank meeting and the Euro spiking higher on lower than expected levels of Quantative easing being announced. The move higher has taken Euro Cad to the upper levels of the descending channel as per our trading view chart work. This coincides with extreme overbought levels on Stochastics and declining volume.
Entering a short here provides a great risk reward setup should the descending channel hold and the pair create another new low.
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