EUR/CAD Price Analysis: Pair extended losing streak, fell to lowest since February
- 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
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
