EURCAD Rebounds Past 1.5400 Level Amid Sideways Market, CAD Weakening Stays Modest

EURCAD Rebounds Past 1.5400 Level Amid Sideways Market, CAD Weakening Stays Modest

EURCAD Price Analysis – February 10

The EURCAD has been in an impulsive move higher after rebounding past 1.5400 level during the prior day and currently in the present session. The common European currency has surged by 24 pips or 0.15% against the Canadian Dollar since the day began amid the sideways market.

Key Levels
Resistance Levels: 1.5550, 1.5500, 1.5422
Support Levels: 1.5313, 1.5268, 1.5200
EURCAD Long term Trend: Ranging
The EURCAD’s strong break of the 1.5400 round mark suggests and confirms the resumption of the whole rebound from 1.5313 temporary low regions. Traders should tentatively look for bottoming signals between 1.5268 and 1.5313 to contain recent downside and further the rebound. But decisive break would open up a deep medium term fall to the 1.5200 regions.

Meanwhile, we’d expect a loss of downside momentum as it attempts to flip resistance at 1.5422 level. On the upside, though, a break of the 1.5500 resistance level is needed to confirm completion of the fall. Otherwise, the outlook will stay ranging.EURCAD Short term Trend: Ranging
The technical analysis on the 4-hour chart recommends traders should wait for more confirmation that price will stall by watching out for a visible lower low/lower high sequence from the continuous sideways trading above 1.5313 level.

As for the present bias, the near term outlook may remain in a range as long as the 1.5422 resistance level holds. Hence, we’d look for a topping sign around there. Meanwhile, on the downside, a break of 1.5313 minor support levels is needed to indicate the completion of the rebound. Otherwise, a further rise will remain in favor in case of retreat.

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EURCAD Slips Underneath 1.5400 Level As Loonie Stays Firm on the Oil Price Surge

EURCAD Slips Underneath 1.5400 Level As Loonie Stays Firm on the Oil Price Surge

EURCAD Price Analysis – February 3

The EURCAD’s lower break of 1.5422 level by sellers now confirms the resumption of the whole decline from 1.5979 towards the mid 1.5300 level. The EURCAD pair had slipped underneath the 1.5400 early during the European session as Loonie stays firm on the oil price surge. However, the primary upward driver of the loonie is the BOC’s upgrade of its growth forecasts.

Key Levels
Resistance Levels: 1.5600, 1.5500, 1.5422
Support Levels: 1.5313, 1.5268, 1.5200

EURCAD Long term Trend: Ranging
The currency pair has plunged beneath the 1.5400 marks down to the lower boundary of the descending pattern at the 1.5364 level during European trading sessions. The technical indicators are endorsing the negative bias with the RSI holding below its midlines. If the prices decline further support could be found around the 1.5313 horizontal support zone.

In the long term, only a pullback below the ascending trendline support could switch the outlook into a negative one like under the support region. To the upside, if the pair manages to rebound and overcome the 1.5422 resistance level, the next level to be watched will be the 1.5500 level and also 1.5593 swings high level of Jan 28.

EURCAD Short term Trend: Bearish
In the short-term, the outlook remains negative since prices hold below the 1.5400 marks and the moving average 5. However, bearish traders could target the support cluster at the 1.5313 level. Also, the currency exchange rate might make a brief rebound towards the round figure pivot at the 1.5400 level in the shorter term.

If the ascending trendline pattern holds, bullish traders are likely to continue to pressure the price higher during the following trading sessions. Against this, the loss of support at the 1.5313 lows could pave the way for a deeper retracement to the 1.5268 neighborhood.

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EURCAD Upside Run Stays Constrained Beneath 1.5500 but Retains an Optimistic Outlook

EURCAD Upside Run Stays Constrained Beneath 1.5500 but Retains an Optimistic Outlook

EURCAD Price Analysis – January 27

The single European currency has edged lower by 0.05% against the Canadian Dollar since the beginning of the Wednesday session. The currency pair stays lower from the intraday’s price of 1.5472 with the upside run staying constrained beneath 1.5500. Given the exchange rate’s recent rebound from lows, the pair retains its optimistic outlook.

Key Levels
Resistance Levels: 1.5785, 1.5675, 1.5550
Support levels: 1.5402, 1.5313, 1.5268
EURCAD Long term Trend: Ranging
As seen on the daily chart in a negative scenario, immediate support could hold at the horizontal level at 1.5402 beneath the alignment of the moving average 5 and 13 at 1.5420 marks. Slipping under this important 1.5402 base, further supporting foundations stays at the ascending trendline and recent lows at 1.5268 level could challenge the dive.

A push higher could re-test the 1.5550 level and spike through for a move upwards to challenge yearly highs at the 1.5680 troughs. In summary, the levels near the boundaries would also need to be broken to accelerate the price in the relative direction.
EURCAD Short term Trend: Bearish
Intraday bias in EURCAD remains weak to the downside and consolidation under the 1.5500 level could extend further. On the upside, a sustained break of the 1.5550 resistance level will suggest that it’s at least in correction to the fall from 1.5785 Dec .22, 2020 high level.

The further rise should then be seen to the retracement of 1.5785 to 1.5550 at 1.5970 levels. However, rejection by 1.5785 level will maintain near term bearishness for another fall through 1.5550 level later in subsequent sessions to come soon.

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EURCAD reverses at the previous base

EURCAD reverses at the previous base

Very simple sell-the-rally setup in the EURCAD.

Price has rejected the previous key level or no trade zone. Should price break the lows (bottom of the no trade zone) we should be short for a retest of the lows of the structure.

 

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Author : Orlando Gutierrez