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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.