Sell EURCAD ECB Interest Rate

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The EUR/CAD pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.

Key Points:

Sell Entry: Consider entering a short position (selling) below the broken support level of the channel, ideally around 1.4700. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones:
1.4656: This represents the first level of support within the channel.
1.4628: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the channel, ideally around 1.4720. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you

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Interest Rates: There's speculation that the ECB might reduce rates (cut) in June, but it probably won't be discussed next week.

Fed Influence: The US Federal Reserve is not considering reducing rates, and this might influence the ECB to wait before signaling any cuts.

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