The Euro Canadian Dollar.

Good afternoon Dynamic Traders,

Todays chart on the daily timeframe is of the EURCAD.

The trend as can be seen is up and may possibly be gaining strength with MACD showing no signs of any correction.

However, we are very close to a good figure and have just gone through a fibonacci retracement and are at present tagging an extension, with todays candle at present showing a possible hanging man formation although the body is a little large for this.

This could imply a chance to catch its breath or even a revesal and if you go down to the lower timeframe verification of this is showing.

The dilemma here is due to the strength possibly coming into this pairs trend and so once again patience is the order of the day with possible entry points coming from the lower timeframes for a continuation, if the confluences build here.

Dont forget to do your own analysis before taking any trades.

Charts courtesy of TradeStation.

Always enjoy trading.

Clayton Farnworth.