Chart of the Week May 10th

EURCAD – Not Much Left
I know, its a monthly chart – something you day traders have probably never looked at and likely had trouble finding the monthly time frame on your charting package.  Be that as it may, it probably gives us the best view of what is down below from here and the answer is – not much left.

After rejecting perfectly off the daily 20ema today and bouncing 300pips since then, the pair is headed towards the 1.3000 mark.  Beyond this, we have to go back 10 years to find the next base which sits at 1.2875.  Beyond this, there is 1.2600 and 1.2438.  Not much left at all and after 6months of selling, we feel May will be the 7th.  A weekly close below 1.3000 should send the pair to the 1.2875 for some tests.  If it continues to perform, then just start looking down the line.  With back to back strong employment out of Canada, likely rate hikes coming soon and the Euro-zone still in damage control mode licking its wounds, the pair seems set to find further downside.

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