Euro/Canadian Dollar (EUR/CAD) Exchange Rate

Following disappointing PMI data out of the Eurozone which was published yesterday, the Euro came under selling pressure.

After the ECB press conference last week, where the ECB announced that its open ended bond buying program will resume on November 1st 2019 at a rate of €20 billion per month

The Euro against the Canadian dollar is a pair that has been shopping around for some time.

The EUR/CAD pair initially fell during the day on Thursday, breaking well below the 1.45 level.

The EUR/CAD pair initially tried to rally during the day on Thursday, but then turned back around to form a somewhat negative candle.

We have been shorting the EUR/CAD market and although it hasn’t exactly been a massive move lower, it has been a nice gradual drift.

Lately, we've been paying quite a bit of attention to the EUR/CAD pair, which is very interesting to us because of the issues in the European Union as far as the economy is concerned, and of course what’s going on in the oil markets, as they are falling apart.

The EUR/CAD pair fell again during the session on Tuesday as we continue to show weakness.

The EUR/CAD pair initially tried to rally on Monday, but turned back around to form a bit of a shooting star.

Looking at the EUR/CAD pair, you can see that we tried to rally during the course of the session on Thursday, but struggled at the 1.45 level which of course is a large, round, psychologically significant number.

The EUR/CAD pair fell significantly during the session on Wednesday, as we continue the downtrend formation. Recently, I have suggested that we have broken below a significant support level, and it now looks as if we are going to continue to the downside.

The EUR/CAD pair went back and forth during the course of the session on Thursday, bouncing around just below the 1.4750 level. The 1.4750 level was once supportive, but it should now be resistive.

The EUR/CAD pair bounced during the course of the session on Tuesday, which of course was important considering that we had broken down below a pseudo-uptrend line, and of course the all-important 1.4750 level on Monday.

The EUR/CAD pair initially fell during the course of the session on Thursday, but found enough support near the 1.4750 level to turn things back around and form a nice-looking hammer.

The EUR/CAD pair broke higher during the course of the session on Monday, as we continue to see buyers step in and pushes the market higher.

The Norwegian central bank surprised markets with a rate cut earlier today in an effort to jumpstart growth there. With oil exports as a key industry in the Scandinavian country, Norway’s economy has been feeling the pinch of the recent oil price slump.

The EUR/CAD pair fell initially during the session on Wednesday, but obviously found support right at where the pseudo-uptrend line ended up forming.

The EUR/CAD pair fell during the course of the session on Tuesday, breaking down below the bottom of the hammer that had formed on Monday.

Get the Forex forecast for the major currency pairs for the week September 14, 2015 here.

The EUR/CAD pair initially fell during the course of the session on Thursday, but found enough support at the 1.4750 level to turn things back around and form a nice-looking hammer.