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EUR/CAD: a short-term scenario
Information is not investment advice
EUR/CAD tested 1.5040 yesterday but then closed below 1.50. As a result, a candlestick with a long upper wick was formed on D1. This will make the near-term movement to the upside more difficult. In addition, the pair remains within the descending channel since the start of the year.
On H4, the interim top will be confirmed in case of the slide below 1.4965 (50-period MA). The downside targets, in this case, will lie at 1.4930 and 1.4915. A close above 1.5040 is needed to open the way up to 1.5140 (200-day MA).
Volatility will likely increase as Canada will publish CPI data later today.
A United Nations agency is warning that the central bank’s actions create a high risk of pushing the global economy into recession.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.