EUR/CAD shorts were the best trade this week

Posted by Forex Live

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It’s been quite a turnaround for EUR/CAD this week.

Last week, the pair broken significant resistance at the 2011 to touch the highest in three years and rallied 400 pips. This week, EUR/CAD fell 2.46% or 356 pips. That’s the kind of massive turnaround that can show a top, or show that the jump above the 2011 highs was a false breakout.

The market is betting heavily toward an ECB rate cut or at a very strong hint that one is coming next month.