EUR/CAD outlook constructive above monthly low
EUR/CAD appears to be stuck in a narrow range after trading to a fresh yearly high (1.4939) in March, while USD/CAD stages a five-day rally as it extends the rebound from the monthly low (1.3407).
Unlike March, USD/CAD and EUR/CAD may move in different directions as the correlation coefficient reflects an insignificant reading of +0.10.
EUR/CAD Rate Outlook
EUR/CAD gives back the advance from the monthly low (1.4580) as it struggles to push above the 1.4470 (50% Fibonacci extension) region, with a break/close below the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) raising the scope for a move towards the 50-Day SMA (1.4553).
Nevertheless, EUR/CAD may track the positive slope in the moving average if it holds above the monthly low (1.4580), with a break/close above the 1.4470 (50% Fibonacci extension) region opening up the 1.4890 (38.2% Fibonacci extension) area.
Additional Resources:
USD/CAD forecast: Canadian dollar vulnerable to wait-and-see BoC
--- Written by David Song
, Strategist
DavidJSong
Unlike March, USD/CAD and EUR/CAD may move in different directions as the correlation coefficient reflects an insignificant reading of +0.10.
EUR/CAD Rate Outlook
EUR/CAD gives back the advance from the monthly low (1.4580) as it struggles to push above the 1.4470 (50% Fibonacci extension) region, with a break/close below the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) raising the scope for a move towards the 50-Day SMA (1.4553).
Nevertheless, EUR/CAD may track the positive slope in the moving average if it holds above the monthly low (1.4580), with a break/close above the 1.4470 (50% Fibonacci extension) region opening up the 1.4890 (38.2% Fibonacci extension) area.
Additional Resources:
USD/CAD forecast: Canadian dollar vulnerable to wait-and-see BoC
--- Written by David Song
, Strategist
DavidJSong
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