EUR/CAD DAILY SHORT

EUR/CAD tried to sell off today, only to bounce back forming a hammer near the 38.2% fib line. This might be an indication of bullish momentum, however we feel that the poor fundamentals for this pair which include coming monetary easing for Europe and good job reports for Canada, coupled with the descending trendline and 38.2% line should serve to more than likely force the pair to continue trending downwards. The pair is at overbought territory on the slow stochastic, so we'll look for a weak candle around the trendline plus a stochastic cross back for an entry signal.