EURCAD had an intense bearish day yesterday. After producing an Inside Bar at a Double Top resistance, the pair headed towards the South with extreme selling pressure. As expected, the H4 chart looks very bearish and good for the sellers. The price has had its support and been on consolidation. A significant level of resistance is nearby. If the level holds the price and produces an H4 bearish reversal candle, selling the pair may get the sellers some green pips with an excellent risk-reward. Let us have a look at the H4 EURCAD chart. This trade idea was generated by our powerful Elite Swing Trader System.

The H4 chart shows that a massive H4 bearish candle brought the price at the level of 1.46055. The last H4 candle was bearish but it closed within the support as well. The price may consolidate more and find its next resistance at the level of 1.46320. If that level holds the price and produces an H4 bearish engulfing candle, an H1 breakout at the level of 1.46055 may drive the price towards the level of 1.45545. Let us have a look at the summary of the trade...

• Sell Stop order: 1.46036
• Stop Loss: Above 1.46277
• Take Profit: 1.45662

The first week of the last month of the year has been action-packed. Usually, the Forex market gets sluggish in December. The CAD, the GBP, the JPY along with the USD, all these major currencies have made some significant moves. It is most likely that we may find a different December this year. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then Click here to learn more about the Price Action Society.