The recent rally in EUR/CAD failed to push the Relative Strength Index (RSI) into overbought territory like the price action from earlier this year, with the exchange rate carving a series of lower highs and lows amid the lack of momentum to push above 1.4890 (38.2% Fibonacci extension).
EUR/CAD Rate Outlook
EUR/CAD weakens for the fourth consecutive day after registering a fresh monthly high (1.4882) earlier this week, with a break/close below the 1.4590 (23.6% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region bringing the 50-Day SMA (1.4523) on the radar.
EUR/CAD may track the July range amid the flattening slope in the moving average, but failure to defend the monthly low (1.4382) may push the exchange rate towards 1.4360 (38.2% Fibonacci extension), with the next area of interest coming in around the June low (1.4283).
Need a move back above 1.4770 (50% Fibonacci extension) for EUR/CAD to snap the bearish price series, with a move above the monthly high (1.4882) bringing 1.4890 (38.2% Fibonacci extension) back on the radar.
EUR/CAD Rate Outlook
EUR/CAD weakens for the fourth consecutive day after registering a fresh monthly high (1.4882) earlier this week, with a break/close below the 1.4590 (23.6% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region bringing the 50-Day SMA (1.4523) on the radar.
EUR/CAD may track the July range amid the flattening slope in the moving average, but failure to defend the monthly low (1.4382) may push the exchange rate towards 1.4360 (38.2% Fibonacci extension), with the next area of interest coming in around the June low (1.4283).
Need a move back above 1.4770 (50% Fibonacci extension) for EUR/CAD to snap the bearish price series, with a move above the monthly high (1.4882) bringing 1.4890 (38.2% Fibonacci extension) back on the radar.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.