EUR/CAD Price Forecast: Holds gains above 1.5750 due to persistent bullish bias
- EUR/CAD may find the initial resistance at the nine-week high of 1.5845.
- The 14-day Relative Strength Index remains above the 50 level, suggesting a strengthening bullish bias.
- The immediate support appears at the nine-day Exponential Moving Average of 1.5717.
EUR/CAD extends its winning streak for the fifth consecutive day, trading around 1.5780 during the Asian hours on Friday. Technical analysis on the daily chart indicates a strengthening bullish bias as the currency cross moves upwards within the ascending channel pattern.
The EUR/CAD cross rises above the 50-day Exponential Moving Average (EMA), suggesting that short-term price momentum is strengthening. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 level, suggesting a persistent bullish bias.
On the upside, the EUR/CAD cross may target the primary barrier at the nine-week high of 1.5845, which was marked on June 12. A break above this level could reinforce the bullish bias and lead the pair to test the upper boundary of the ascending channel around 1.5920.
The EUR/CAD cross may find immediate support at the nine-day Exponential Moving Average (EMA) of 1.5717. A break below this level could weaken the short-term price momentum and put downward pressure on the currency cross to test the ascending channel’s lower boundary around 1.5650, aligned with the 50-day EMA of 1.5632. A successful break below this crucial support zone could weaken the bullish bias and prompt the currency cross to navigate the area around the 11-week low of 1.5483, recorded on May 12.
EUR/CAD: Daily Chart
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.23% | -0.18% | -0.06% | -0.13% | -0.32% | -0.14% | 0.00% | |
| EUR | 0.23% | 0.02% | 0.17% | 0.11% | 0.05% | 0.10% | 0.25% | |
| GBP | 0.18% | -0.02% | 0.24% | 0.09% | 0.06% | 0.08% | 0.23% | |
| JPY | 0.06% | -0.17% | -0.24% | -0.02% | -0.28% | -0.23% | 0.01% | |
| CAD | 0.13% | -0.11% | -0.09% | 0.02% | -0.16% | -0.25% | 0.14% | |
| AUD | 0.32% | -0.05% | -0.06% | 0.28% | 0.16% | 0.30% | 0.17% | |
| NZD | 0.14% | -0.10% | -0.08% | 0.23% | 0.25% | -0.30% | 0.15% | |
| CHF | -0.01% | -0.25% | -0.23% | -0.01% | -0.14% | -0.17% | -0.15% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Author
Akhtar Faruqui
FXStreet
Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.
