EURCAD’s slight upwards momentum seems to slow down with the presence of multiple bearish Doji candlesticks around the current price level. The intraday support levels are at 1.3105 and 1.3069. Near-term resistance areas are 1.3186 and 1.3231. The current price of EUR/CAD is below the moving averages, and a strong bearish momentum seems to build up. However, 1.3024 is a strong support level and might not be breached with the current volatility.
EUR/CAD Technical Forecast
The Relative Strength Index (RSI), Stochastic, and Bollinger Bands (BB) present a neutral picture of the EURCAD pair. The ATR (Average True Range) indicates low volatility. The MACD (Moving Average Convergence Divergence) is above the zero line. The current price of EURCAD is keeping below the 20 and 50 periods moving average while it’s above the 100 periods moving average.
The MACD (Moving Average Convergence Divergence) is a valuable technical indicator to identify the trend direction and build a Forex trend following strategy.
EUR/CAD Support and Resistance Levels
The FXDatapanel Platform calculates the support and resistance levels using its proprietary algorithm and the high-end trading strategy used by big guns. The Fxdatapanel is the first and the only Forex Trading Signals Platform. The signals platform assists traders in generating Forex, Indices, and Commodities Trade signals based on their requirements, such as investment size, signal strength level, etc.
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EURCAD Pivot Points
EUR/CAD Trading Ranges
Daily Trading Range: 1.3118 – 1.3160
Weekly Trading Range: 1.3095 – 1.3242
Monthly Trading Range: 1.2976 – 1.3244
Yearly Trading Range: 1.2875 – 1.4635
EUR/CAD Trade Signal
EUR/CAD bulls have strong resistance near the current price level and have failed to build a strong upwards momentum. The intraday price pattern and the technical indicator favor the bearish bias. At the same time, the FXDatapanel algorithm also indicates an upcoming bearish momentum which makes the EUR/CAD pair ideal for intraday selling opportunities.
Signal Direction: Sell
Signal Timeframe: Daily
Strength Level: Strong
Entry: 1.3265
Stop-loss: 1.3367
Take Profit: 1.3163
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EUR/CAD Future Forecast
Although the EUR/CAD pair is pointing downwards, the 1.3024 support area is likely to hold, and only a breach below this support level will ensure a bigger decline. On the upside, 1.3186 is an immediate hurdle, and an intraday closing above this level will likely help the bulls regain some control in the coming days.
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