EUR/CAD Price Forecast: Tests 1.5650 barrier near descending channel’s upper boundary
- EUR/CAD may approach the 1.5857, the highest level since July 2020.
- The 14-day Relative Strength Index moves slightly above the 50 level, suggesting a potential emergence of the bullish bias.
- The nine-day Exponential Moving Average at 1.5634 acts as the initial support.
EUR/CAD recovers its recent losses, trading around 1.5640 during the European hours on Wednesday. Technical analysis on the daily chart points to the potential weakening of a bearish bias, with the currency cross hovering near the upper boundary of the descending channel.
The EUR/CAD cross is positioned above the 50-day Exponential Moving Average (EMA), suggesting that short-term price momentum is stronger. Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly above the 50 level, suggesting the potential emergence of a bullish bias.
On the upside, a successful breach above the descending channel may prompt the emergence of a bullish bias and lead 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 1.5634, followed by the 50-day EMA at 1.5599. Further declines below these levels could dampen the short- and medium-term price momentum and put downward pressure on the EUR/CAD cross to navigate the region around the descending channel’s lower boundary around 1.5290.
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 New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.11% | 0.04% | 0.12% | 0.07% | 0.17% | 0.35% | -0.12% | |
| EUR | 0.11% | 0.14% | 0.20% | 0.15% | 0.27% | 0.40% | -0.02% | |
| GBP | -0.04% | -0.14% | 0.06% | 0.05% | 0.15% | 0.27% | -0.17% | |
| JPY | -0.12% | -0.20% | -0.06% | -0.14% | 0.07% | 0.21% | -0.26% | |
| CAD | -0.07% | -0.15% | -0.05% | 0.14% | 0.14% | 0.25% | -0.21% | |
| AUD | -0.17% | -0.27% | -0.15% | -0.07% | -0.14% | 0.13% | -0.30% | |
| NZD | -0.35% | -0.40% | -0.27% | -0.21% | -0.25% | -0.13% | -0.43% | |
| CHF | 0.12% | 0.02% | 0.17% | 0.26% | 0.21% | 0.30% | 0.43% |
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.
