EURCAD Rebounds Towards 1.5500 Marks As ECB Monetary Policy Decision Gives Room for Further Easing

EURCAD Price Analysis – November 4

The Eurozone single currency rebounds by 0.50% against the Canadian Dollar since the days start towards 1.5500 marks. The currency pair is looking towards its moving average of 5 on the daily chart. ECB monetary policy decision is a major focus for the Eurozone and may give room for further easing by December.

Key Levels
Resistance Levels: 1.5739, 1.5675, 1.5550
Support levels: 1.5350, 1.5200
EURCAD Long term Trend: Ranging
Despite trading to lows of 1.5355 level, the EURCAD rebounds towards the 1.5500 marks as technical indicators flash buying signals on the daily time-frame chart. Most likely, bulls are likely to pressure the exchange rate higher within this week’s trading sessions.

However, if the EURCAD pair breaks the prior support cluster at 1.5355, bearish traders could push the currency exchange rate lower towards July 2020 low at 1.5200 in the near term. If the breakout occurs upside, a surge towards the resistance level at 1.5670 level could be expected within this week’s trading sessions.
EURCAD Short term Trend: Bearish
EURCAD rebounded strongly just at the 1.5355 support and intraday bias is turned neutral first. On the upside, a break of the 1.5550 level will likely resume the corrective pattern from the 1.5039 low with another rise through 1.5739 resistance. On the downside, a break of 1.5389 will bring a retest of 1.5355 temporary low.

That said though, the short-term oscillators reflect a condition of weak directional momentum. The RSI is holding marginally beneath its midline, while the downward-pointing moving average 13 is crossed by moving average 5.

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