EUR/CAD Price Forecast: Maintains position near 1.5650, support appears at nine-day EMA

EUR/CAD may break above the descending channel, which could cause the emergence of a bullish bias.
The 14-day Relative Strength Index remains below the 50 level, suggesting the bearish bias is active.
The nine-day Exponential Moving Average of 1.5635 acts as the immediate support.

Akhtar Faruqui FXStreet

EUR/CAD holds losses after experiencing consolidation, trading near 1.5640 during European hours on Tuesday. Technical analysis on the daily chart points to the weakening of a bearish bias, with the currency cross attempting to break above the upper boundary of the descending channel.

The EUR/CAD cross remains above the 50-day Exponential Moving Average (EMA), which suggests that short-term price momentum is stronger. However, the 14-day Relative Strength Index (RSI) is positioned below the 50 level, suggesting the bearish bias is active.

On the upside, a break above the descending channel may cause the emergence of a bullish bias and support the EUR/CAD cross to explore the region around 1.5857, the highest level since July 2020, reached on March 11.

The immediate support appears at the nine-day Exponential Moving Average (EMA) of 1.5635, followed by the 50-day EMA at 1.5597. A break below these levels could weaken the short- and medium-term price momentum and put downward pressure on the EUR/CAD cross, navigating the area around the descending channel’s lower boundary around 1.5270.

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 weakest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.10%	0.45%	0.04%	0.04%	0.07%	0.11%	-0.09%
EUR	-0.10%		0.36%	-0.07%	-0.04%	-0.01%	0.01%	-0.17%
GBP	-0.45%	-0.36%		-0.49%	-0.39%	-0.37%	-0.34%	-0.51%
JPY	-0.04%	0.07%	0.49%		0.02%	-0.01%	-0.01%	-0.21%
CAD	-0.04%	0.04%	0.39%	-0.02%		0.01%	0.05%	-0.12%
AUD	-0.07%	0.01%	0.37%	0.01%	-0.01%		0.05%	-0.15%
NZD	-0.11%	-0.01%	0.34%	0.01%	-0.05%	-0.05%		-0.17%
CHF	0.09%	0.17%	0.51%	0.21%	0.12%	0.15%	0.17%

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.

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