Euro/Canadian Dollar (EUR/CAD) Exchange Rate
EUR/CAD Pivot Points
EUR/CAD Latest Updates
After the release of preliminary PMI data for May, it appears the Eurozone economy has bottomed out.
Canada’s economy is faced with increasing pressures from the sell-off across the oil market.
Following the breakdown in the EUR/CAD below its short-term resistance zone, more downside is anticipated to follow.
Further upside potential in the EUR/CAD remains exhausted as this currency pair advanced into its resistance zone
Better-than-expected economic data out of Germany and the Eurozone that was printed yesterday allowed the EUR/CAD to pause its sell-off.
After the Bank of Canada kept interest rates unchanged at 1.75%, the Canadian Dollar plunged as the central bank suggested that an interest rate cut is coming.
While the Eurozone continues to face fundamental economic struggles as well as yet another potential Brexit delay
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.