EURCAD Plunges to Fresh Weekly Lows Around Sub 1.5500 Level

EURCAD Plunges to Fresh Weekly Lows Around Sub 1.5500 Level

EURCAD Price Analysis – December 9

EURCAD has come under renewed selling pressure, falling back towards the sub 1.5500 level. The common European currency has plunged by 0.29% against the Canadian Dollar since the day’s start. The central event in both the US and Europe is the outcome of the stimulus budget fights except CAD which stays up next as the BoC meets, or maybe not, since no changes are expected.

Key Levels
Resistance Levels: 1.5739, 1.5670, 1.5600
Support Levels: 1.5389, 1.5355, 1.5313
EURCAD Long term Trend: Ranging
The currency pair tested the lower boundary of the descending pattern at the 1.5764 level during American trading sessions. The technical indicators are endorsing the negative bias with the RSI holding below its midlines. If the prices decline, support could be found around the 1.5450 horizontal support zone.

However, if the market manages to pick up speed, the 1.55590 level could offer nearby resistance ahead of the round number at the 1.5600 level. As for the near future, the exchange rate could continue to edge lower. Bearish traders are likely to target the lower levels during the following trading session.
EURCAD Short term Trend: Ranging
In the short-term, the outlook remains negative since prices hold below the 1.5500 level and the moving average 5 and 13 lines as the anticipated bearish cross between the MA’s stays in place. If the ascending trendline pattern holds, bullish traders are likely to continue to pressure the price higher during the following trading sessions.

However, a support level at the 1.5389 level could provide support for the currency exchange rate today with the 4 hour RSI reaching oversold levels. Against this, the loss of recent lows near the 1.5450 level could pave the way for a deeper retracement to the 1.5355 neighborhood.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.