The EURCAD has produced some good trade trades during the last very weeks. The reason is simple, this market is in a nice stable downtrend. The mean value is holding as dynamic resistance which is a strong indicator that the down trend is intact.
The mean value area has produced an Indecision candle signals which produced good bearish follow-through and then printed a nice Inside day which allowed us to capture the bearish breakout last week. These are some of the best forex signals for breakouts you will ever trade.
Now the market has broken recent support and dived into fresh lows, we’re even more keen to look out for further short opportunities. A good idea is to wait for the market to retest a high value area. The previous support level is perfect for this, let the price action communicate the level is acting as new resistance. The area also coincides with the mean value which makes it a bearish ‘hot-spot’.
Keep an eye out for any bearish price action signals that develop here.