- EUR/CAD fell 0.56% on Friday to trade close to 1.4550.
- Pair extended losing streak to four sessions and fell to a low since February.
- Oversold indicators signal potential correction, but negative outlook remains.
The EUR/CAD extended its losing streak to four sessions, falling to a low since February on Friday. The pair declined by 0.56% to 1.4550.
Technical indicators on the EUR/CAD currency pair continue to paint a bearish picture, as evidenced by the pair's sharp decline in recent sessions and the ongoing four-day losing streak. The Relative Strength Index (RSI) has entered the oversold territory, with a current reading of 21, indicating that selling pressure is intensifying. The RSI's downward slope further suggests that the bearish momentum is gaining strength. The Moving Average Convergence Divergence (MACD) also supports this view, as it remains negative and is trending upwards, signaling a bearish outlook.
The oversold indicators seen in the RSI suggest a potential correction, but the overall sentiment remains bearish. Resistance levels at 1.4600, 1.4630, and 1.4650 will be crucial to watch for potential upside moves, while support levels at 1.4530, 1.4515, and 1.4500 may provide downside protection.
EUR/CAD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD ticks higher as positive risk tone caps the safe-haven USD
AUD/USD attracts some dip-buying during the Asian session on Tuesday. The initial reaction to Trump's tariff threats turned out to be short-lived amid hopes for trade deals before the August 1 deadline. This leads to a slight improvement in the risk sentiment, which keeps a lid on the recent US Dollar rally to a three-week high and benefits the Aussie.
USD/JPY refreshes multi-week top, eyes 148.00 or June swing high
USD/JPY climbs to the 148.00 neighborhood, during the Asian session amid expectations that the Bank of Japan will forgo raising interest rates in 2025 in anticipation of the economic fallout from higher US tariffs. Hopes that a global trade war would be averted trigger a modest recovery in the risk sentiment and undermine the Japanese Yen.
Gold gains momentum to near $3,350 ahead of US CPI release
Gold price gains ground to near $3,350 during the early Asian session on Tuesday. The precious metal edges higher amid safe-haven demand after US President Donald Trump threatened 100% Russia tariffs. All eyes will be on the US Consumer Price Index inflation data, which is due later on Tuesday.
Bitcoin extends all-time high rally, but selling activity poses pullback risk
Bitcoin marked a new all-time high of $123,091 on Monday following prevailing bullish sentiment in the spot and futures market. Despite the price growth, profit-taking is developing on the side as revealed by a spike in Bitcoin's exchange net inflows.
Five fundamentals for the week: Investors eye tariff circus and US inflation data Premium
Which country will be the next to receive a letter from America? US President Donald Trump has been extending his tariff threats through the weekend. Has the US economy felt the consequences of levies already imposed? These are the topics for another hot summer month.
Best Brokers for EUR/USD Trading
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.