The EURCAD exchange rate is moving sideways though in a narrower range than its Aussie cousin.
The recent low has been 1.4582 on May 12th was something of an aberration ad we haven’t seen the pair lower than 1.4643 since then. The upper bound of the recent range has been 1.4822 but once again we touched that level only briefly and haven’t bothered it since.
You want to get the most from any FX conversion that process involves not only searching out the best Euro exchange rates but also having an idea of how the FX rate is likely to behave.
EURCAD is below its 50 and 200-day MAs though it has recently reclaimed the 20-period line found at 1.47269.
The pair is mid-range as far as relative strength measures are concerned, yes there is scope for another bullish engulfing candle on the daily chart but to be frank we have seen several bold green candles of late yet the price action hasn’t followed through thereafter.
We need to watch for breaches of either 1.4634 on the downside and 1.4820 on the upside before we can even begin to think about breaking out of the current range
Darren is a veteran of the financial markets with almost 36 years of experience under his belt. He has worked in trading, sales, analytical, and research roles, he has been a regular guest & commentator on financial television channels and publications. During his career, Darren has been fortunate to act for and advise major hedge funds and investment banks as well as HNWI. Darren analyses the markets using a blend of technical and fundamental analysis