Detailed FX Market Outlook and Analysis

EUR/CAD Daily Analysis

EUR/CAD bulls have been failing to breach above the 1.4400 mark for over a week. Currently, the pair is trading at 1.4330 with immediate support levels at 1.4312 and 1.4271. The intraday resistance levels are at 1.4365 and 1.4388.

On the intraday charts, the consolidation phase appears to be ending with the Bollinger bands indicating a squeeze, and with that, the possibility of resuming the downtrend is now high. The SMA-14 is indicating resistance at 1.4361 and the SMA-50 support line is at 1.4654. The RSI is at 38 and has a downwards curve while the MACD is below the middle line and favors the bears. The intraday price pattern is bearish and favors selling entries around 1.4360 with a target of 1.4312 and a stop-loss at 1.4400

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