# EURCAD Descending Channel (July 08, 2016) Source: https://www.tradersway.com/resources/market-info/eurcad-descending-channel-july-08-2016/ Language: en Updated: 2016-07-08 Description: Explore EURCAD Descending Channel (July 08, 2016). EURCAD is still. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding. EURCAD is still moving inside its descending channel visible on the pair’s 4-hour time frame. Price is moving closer to the channel resistance around the 1.4450 minor psychological mark and 200 SMA. The 100 SMA appears to be holding as near-term resistance for the time being but stochastic is still pointing up, hinting that a larger rally could be in the cards. In that case, the pair has enough bullish momentum to make a test of the channel resistance. The 100 SMA is below the longer-term 200 SMA so the path of least resistance is to the downside. If the resistance levels hold, price could hit the channel support at the 1.4100-1.4150 area. Data from Canada came in mixed yesterday, with building permits showing a surprise 1.9% drop and the Ivey PMI showing a strong return to industry growth. However, the Loonie took its cue from the drop in oil prices even as the US crude oil inventories showed a draw of 2.2 million barrels. Still, improving oil market fundamentals could keep the Loonie supported against its counterparts. Aside from that, the upcoming Canadian jobs release could print an upside surprise, based on the employment component of the Ivey PMI. Analysts are expecting to see a gain of 5.5K in hiring but the jobless rate could rise from 6.9% to 7.0%. ![EURCAD Descending Channel (July 08, 2016)] There are no major reports lined up from the euro zone today, although the German trade balance and French industrial production could provide some volatility. The possibility of additional ECB easing due to a Brexit might also keep weighing on the shared currency. *By Kate Curtis from Trader’s Way* ## Structured data JSON-LD as served in the HTML version of this page. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Article", "@id": "https://www.tradersway.com/resources/market-info/eurcad-descending-channel-july-08-2016/#primary", "url": "https://www.tradersway.com/resources/market-info/eurcad-descending-channel-july-08-2016/", "mainEntityOfPage": "https://www.tradersway.com/resources/market-info/eurcad-descending-channel-july-08-2016/", "headline": "EURCAD Descending Channel (July 08, 2016)", "inLanguage": "en", "datePublished": "2016-07-08T06:10:06+00:00", "dateModified": "2016-07-08T06:10:06+00:00", "articleSection": "Market Info", "description": "Explore EURCAD Descending Channel (July 08, 2016). EURCAD is still. Trade Forex and CFDs on MT4 and MT5 with tight spreads, flexible leverage and fast funding.", "image": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/og-default.png" }, "author": { "@type": "Organization", "@id": "https://www.tradersway.com/#organization" }, "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": [ "Organization", "FinancialService" ], "@id": "https://www.tradersway.com/#organization", "name": "Trader's Way", "alternateName": "TradersWay", "legalName": "TW Corp LLC", "description": "Trader's Way is the trading brand of TW Corp LLC, a company registered in Anguilla under number A000001731. It provides online leveraged trading in forex, metals, energies, stock indices and cryptocurrencies through MetaTrader 4, MetaTrader 5 and cTrader, with Market execution, a 40% stop out level and a minimum initial deposit of 10 USD. The company holds no financial services licence and does not direct its services to residents of the United States or the United Kingdom.", "url": "https://www.tradersway.com", "foundingDate": "2011", "logo": { "@type": "ImageObject", "url": "https://www.tradersway.com/wp-content/themes/tradersway/images/logo-square-512.png" }, "address": { "@type": "PostalAddress", "streetAddress": "No. 9 Cassius Webster Building, Grace Complex", "postOfficeBoxNumber": "1330", "addressLocality": "The Valley", "postalCode": "AI-2640", "addressCountry": "AI" }, "contactPoint": { "@type": "ContactPoint", "contactType": "customer support", "email": "support@tradersway.com" }, "areaServed": "Worldwide, excluding the United States and the United Kingdom", "knowsAbout": [ "Foreign exchange trading", "Contracts for difference", "Leveraged trading", "Precious metals trading", "Energy commodities trading", "Stock index trading", "Cryptocurrency trading", "MetaTrader 4", "MetaTrader 5", "cTrader" ], "sameAs": [ "https://www.trustpilot.com/review/www.tradersway.com", "https://www.forexpeacearmy.com/forex-reviews/8129/tradersway-forex-brokers", "https://www.youtube.com/channel/UChRC072YJGlNNNYhg_0hZeA", "https://www.facebook.com/tradersway.forex.broker", "https://twitter.com/TradersWay", "https://www.instagram.com/traderswayforex/", "https://t.me/tw_eng" ], "identifier": { "@type": "PropertyValue", "propertyID": "Anguilla company registration number", "value": "A000001731" }, "location": { "@type": "Place", "address": { "@type": "PostalAddress", "streetAddress": "Radnicka 147", "addressLocality": "Valjevo", "postalCode": "14000", "addressCountry": "RS" } } }, { "@type": "WebSite", "@id": "https://www.tradersway.com/#website", "url": "https://www.tradersway.com", "name": "Trader's Way", "publisher": { "@id": "https://www.tradersway.com/#organization" } }, { "@type": "BreadcrumbList", "@id": "https://www.tradersway.com/resources/market-info/eurcad-descending-channel-july-08-2016/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://www.tradersway.com/" }, { "@type": "ListItem", "position": 2, "name": "Resources", "item": "https://www.tradersway.com/resources/" }, { "@type": "ListItem", "position": 3, "name": "Market Info", "item": "https://www.tradersway.com/resources/market-info/" }, { "@type": "ListItem", "position": 4, "name": "EURCAD Descending Channel (July 08, 2016)", "item": "https://www.tradersway.com/resources/market-info/eurcad-descending-channel-july-08-2016/" } ] } ] } ``` ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Person", "@id": "https://www.tradersway.com/#wayne-mcdonell", "name": "Wayne McDonell", "jobTitle": "Chief FX Strategist", "description": "Chief FX Strategist at Trader's Way, trading forex publicly since 2004. His analysis has appeared in the Wall Street Journal, Bloomberg Television, Fox Business, Futures Magazine and FOREX Journal Magazine. Author of \"Strategic and Tactical Forex Trading\".", "worksFor": { "@id": "https://www.tradersway.com/#organization" }, "knowsAbout": [ "Foreign exchange market", "Technical analysis", "Fundamental analysis", "Forex trading strategy" ], "sameAs": [ "https://www.youtube.com/c/tradersway" ] }, { "@id": "https://www.tradersway.com/#organization", "employee": { "@id": "https://www.tradersway.com/#wayne-mcdonell" } } ] } ```