Strategy for EURCAD this Week with CPI

Taking a look at the 4hr chart, price action stalled out at the 50% zone leaving 100 pip risk/reward (however you look at it) in either direction to the support and resistance levels I chalked up.

The most important technical indicator that I'm paying attention to is the fact that we are still getting red arrows on this timeframe. Once we get a green arrow, I'll look to scale down to smaller timeframes and wait for a buy alert.

All trades for effective risk management should always start off as a scalp, followed by position management depending on how price action presues.

We do have CPI data from both Canada and the Eurozone this week. The forecasts do leave room for potential surprises but considering the fact we just had a BOC and ECB interest rate meeting, I can't foresee any major trends developing with this pair.

Nevertheless, this pair is likely to chop around in this range.

Upon arriving at either support or resistance, I'll then provide my next analysis.

Until Then... Trade Safe - Trade Well
All the Best