EUR/CAD downside playing out in continuation trend


  • European Central Bank delivered an inadequate package, BoC on hold.
  • Federal Reserve's hawkish cut exposes the downside in EUR crosses. 

EUR/CAD has lost its footing on a strong Canadian dollar and oil prices following a steady hand fro the Bank of Canada of late, a strong Canadian economy, relatively, and tensions in the Middle East. 

BoC and Oil to support CAD

EUR/CAD is currently trading at 1.4642 and flat in the Asian session, having fallen from a high on the 1.47 handle to a low of 1.4623 overnight. The price of oil has found support at the 200-hour simple moving average around 58 the figure, way off the start of the week's spike highs in the 63 handle following the reports of the Suadi oil facility attack.

However, the US has downplayed the provocations and has expressed an unwillingness to engage in war with Iran and the Saudis are confident that production will be back to full capacity by the end of this month. Nevertheless, tensions and uncertainty are likely to underpin the price of oil and the Loonie

Meanwhile, the European Central Bank delivered an inadequate package in the market's opinion and leaves the door open for further action in due course which should be a weight on the euro, especially following the Federal Reserve's hawkish cut which exposes the downside in EUR crosses. 

EUR/CAD levels

EUR/CAD

Overview
Today last price 1.4642
Today Daily Change -0.0015
Today Daily Change % -0.10
Today daily open 1.4657
 
Trends
Daily SMA20 1.4641
Daily SMA50 1.4691
Daily SMA100 1.4836
Daily SMA200 1.498
 
Levels
Previous Daily High 1.4704
Previous Daily Low 1.4632
Previous Weekly High 1.4717
Previous Weekly Low 1.4414
Previous Monthly High 1.4998
Previous Monthly Low 1.4578
Daily Fibonacci 38.2% 1.466
Daily Fibonacci 61.8% 1.4676
Daily Pivot Point S1 1.4625
Daily Pivot Point S2 1.4592
Daily Pivot Point S3 1.4553
Daily Pivot Point R1 1.4697
Daily Pivot Point R2 1.4736
Daily Pivot Point R3 1.4769

 

 

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