EURCAD 2024.10.16 01:14:07 Trading Signal BUY

16 Okt

FrankPro Signal for EURCAD


Type: Screen
Signal: BUY
TP: 1.50465
SL: 1.49925
Entry Price: 1.5006


Flexity Analysis for EURCAD


Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down

Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Up LT=Down

[Method1] ST=Up LT=Up

[Method2] ST=Down LT=Down



FlexityIndicator Analysis Method(0)

EUR/CAD Exchange Rate Predictions
Short-term (next few days)

The price is expected to go up. The forecast suggests a potential rise to $1.520159 in the next 7 days.
Technical Indicators Bullish Signals Bearish Signals
26 indicators 26 0

The 14-day RSI reading is also leaning towards a bullish trend.
Long-term

The price is expected to go down. Despite the short-term bullish outlook, the analysis highlights intense bearish pressure.

Market violating a solid rising trend line
Wide horizontal zone of demand
Price testing a zone of support at 1.4328
Potential re-test of the bottom of this zone at 1.4235
Potential further drop to the 2023 low at 1.4158

The broader economic context also suggests a weaker Euro and a stronger Canadian Dollar, which could contribute to a long-term bearish trend.

Result: [Method0] ST=Up LT=Down


FlexityIndicator Analysis Method(1)

EUR/CAD Exchange Rate Forecast
Short-term (next 7 days)
Forecast Technical Analysis Expected Price Movement
Bullish sentiment, price expected to rise to around 1.520159 Strong bearish trend, potential bearish movement towards 1.4948 support level Price likely to oscillate, with a slight bias towards a slight increase
Long-term (next few weeks/months)
Monthly Forecast (October 2024) Average Rate High Low Expected Price Movement
Slightly bullish sentiment 1.528 1.553 1.507 Price expected to go up, with a potential target of around 1.530 by the end of the month
Important Note:

These conclusions are based on the provided data and should not be considered as investment advice.
The foreign exchange market is highly volatile, and prices can change rapidly due to various market and economic factors.


Result: [Method1] ST=Up LT=Up


FlexityIndicator Analysis Method(2)

EUR/CAD Exchange Rate Analysis
Short-term Outlook (next few days to a week)
Trend Signals Price Movement
Bearish 82.14% of moving average signals Expected to go down
Key Levels to Watch:

Sellers' bearish objective: 1.5020 CAD
Potential breaks below support level: 1.4976 CAD and 1.4911 CAD

Additional Factors:

Recent increase in capital gains inclusion rate in Canada may lead to profit-taking and sale of CAD assets, contributing to a short-term decline in the EUR/CAD exchange rate.

Long-term Outlook (weeks to months)
Key Factors to Consider:

Expected easing cycle by the Bank of Canada may negatively impact the CAD and lead to a long-term decline in the EUR/CAD exchange rate.
Contrasting monetary policies between the ECB and the Federal Reserve may lead to a long-term appreciation of the CAD against the EUR.

Conclusion:

The price is expected to go down in the short term, but the long-term outlook is less clear and may depend on the evolution of market conditions and economic factors.

Result: [Method2] ST=Down LT=Down