EUR/CAD Technical Analysis: Euro gains against CAD on BoC dovishness

Flavio Tosti Independent Analyst

EUR/CAD daily chart

EUR/CAD is trading just below its 100 SMA as the pair has been ranging since February.
EUR/CAD spiked to 1.5140 as the Bank of Canada was dovish.

EUR/CAD 4-hour chart

Bulls will need to break 1.5140 to move up to 1.5200 figure.
Failure to break above 1.5140 can see bears come back leaving 1.5080 and 1.5020 as main support.

Additional key levels

EUR/CAD

Overview
Today last price	1.5106
Today Daily Change	0.0035
Today Daily Change %	0.23
Today daily open	1.5071

Trends
Daily SMA20	1.5026
Daily SMA50	1.5043
Daily SMA100	1.5134
Daily SMA200	1.5103

Levels
Previous Daily High	1.5082
Previous Daily Low	1.5015
Previous Weekly High	1.5155
Previous Weekly Low	1.5002
Previous Monthly High	1.5226
Previous Monthly Low	1.4918
Daily Fibonacci 38.2%	1.5056
Daily Fibonacci 61.8%	1.504
Daily Pivot Point S1	1.503
Daily Pivot Point S2	1.4988
Daily Pivot Point S3	1.4962
Daily Pivot Point R1	1.5097
Daily Pivot Point R2	1.5124
Daily Pivot Point R3	1.5165

Author

Flavio Tosti

Independent Analyst

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.