The EUR/CAD weekly chart suggests a further selloff here. Below the strategic support at 1.4455 the market could gain further momentum to the downside and accelerate towards the 1.4000 area. Recent positive numbers from Canada and a stable interest rate could support this move.
Meanwhile, the EUR is expected to remain subdued as traders will largely seek direction from this Wednesday’s FOMC monetary meeting and Press Conference. With rates set to stay put, all eyes will be on Jay Powell and the clues he might give on future monetary policy. Don’t miss BDSwiss free live FOMC webinar this Wednesday at 18:45 GMT. Watch me trade and analyse the markets live as the vent unfolds.
Risk Warning: CFDs are complex instruments and come with a high risk of losing your invested capital due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The content of this material and/or any information provided by BDSwiss Group should not be in any way construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument and it is not intended to provide a sufficient basis on which to make investment decisions, in any manner whatsoever. Any information, views or opinions presented in this material have been obtained or derived from sources believed by the BDSwiss Research Department to be reliable, but BDSwiss makes no representation as to their accuracy or completeness. BDSwiss Group accepts no liability for losses arising from the use of this data and information. The data and information contained herein are for background purposes only and do not purport to be full or complete.
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