Analysts at UBS say a period of consolidation in EUR/CAD is likely nearing an end and that it’s almost time to sell the pair (spot at 1.4167).

They recommend selling the pair on a close below 1.4130 with a target of 1.3500 and a stop at 1.4260. They note a series of lower highs and lower lows since March, the MACD below the zero line and slow stochastics potentially flashing negative.

EURCAD daily with UBS’s line to watch on the close

BNP Paribas has been in the EUR/CAD trade for awhile but are still 250 pips away from their target.