EURCAD Free Forex Trading Signals – 7th Dec 2016

EURCAD had a massive sell ride in the last month. However, the momentum seems to be lost a little and things could go other way round. Today, there is a massive news event on CAD as well. This means we might get breakout. This means trading opportunities are about to come on the pair related to CAD. We have chosen EURCAD to take entry. Let us focus on the equations.

Have a look at the hourly chart of EURCAD. The price made a bullish move and went up to the level of 1.43050. Then, the price started having correction. So far, the level of 1.42250 has been acting as a strong support level. In fact, this is a flip over support level. Now we are expecting a bullish move from there and a break out of the level of 1.43050. If that happens, we will set our target at the level of 1.43850.

Please keep that in mind today BOC has to declare its rate statement and “Overnight rate” at 15.00 GMT. It would be best if we get a break out after the news event. If the break happens just before the news event, we might as well leave the entry.

Let us have a look at the trade summary

• Entry – At the break out of the level of 1.43050
• Stop loss- 1.42200
• Take profit- 1.43850
• Things to consider- BOC news event at 15.00 GMT.

We hope that you enjoy our Free Forex Trading Signal today: EURCAD Free Forex Trading Signals – 7th Dec 2016.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal.

Good luck!

You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.

Tip of the day:
Money management is one of the most important parts of trading (may be the most important). A trader with huge knowledge and experience with trading will not get the success if he does not have proper money management. As a trader, we have to make sure that we take a risk for the right amount of reward. The risk we take on every trade that must not make us be emotionally touched with our entry as well.