Detailed FX Market Outlook and Analysis

EUR/CAD Daily Analysis

EUR/CAD appears to be gradually recovering from last Friday’s drop. The current market price is at 1.4374 with immediate support levels at 1.4354 and 1.4329. The intraday resistance levels are at 1.4400 and 1.4426.

The pair is currently keeping above the SMA-14 which is at 1.4358. The SMA-50 is indicating resistance way high at 1.4675. The RSI is at 41 and has an upwards curve. The MACD remains below the middle line however, the histogram indicates a possible bullish momentum. The overall intraday price pattern remains but considering the nearby support levels and analyzing the possible divergence suggests modest gains which makes the pair ideal for buy entries near 1.4360 with a target of 50 to 60 pips and a stop-loss at 1.4315.

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