EURCAD Edges Lower Beneath 1.5675 Level in an Attempt to Further Sideways Trading

EURCAD Edges Lower Beneath 1.5675 Level in an Attempt to Further Sideways Trading

EURCAD Price Analysis – September 30

The single European currency has edged lower by 0.45% against the Canadian Dollar since the beginning of the Wednesday session. The currency pair breached lower the 1.5675 level in an attempt to further sideways trading. Given that the exchange rate has breached the boundary, sellers may pressure the EURCAD pair lower within this week’s sessions.

Key Levels
Resistance Levels: 1.6153, 1.5970, 1.5739
Support levels: 1.5540, 1.5415, 1.5039
EURCAD Long term Trend: Ranging
As seen on the daily chart in a negative scenario, immediate support could occur at the alignment of the moving average 5 and 13 at 1.5600 marks. Slipping under this important 1.5600 base, further supporting foundations stays at the ascending trendline and 1.5540 level could challenge the dive.

A push higher could re-test the 1.5739 level and spike through for a move upwards to challenge yearly highs at the sub 1.6000 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: Ranging
Intraday bias in EURAUD remains weak to the downside and consolidation under 1.5675 level could extend further. On the upside, a sustained break of the 1.5739 resistance level will suggest that it’s at least in correction to the fall from 1.5970 recent high level.

The further rise should then be seen to 38.2% retracement of 1.5739 to 1.5540 at 1.5970 levels. However, rejection by 1.5739 level will maintain near term bearishness for another fall through 1.5540 level later.

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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.