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During the summer months, EUR/CAD broke an important support line and has traded with a bearish bias ever since. Last week, the pair was rejected down from the resistance at 1.4660 and fell to 1.4460. This week, there’s some recovery. However, the Bank of Canada’s meeting later on Wednesday may give the CAD more strength and pull the pair down. On H4, EUR/CAD ran into the resistance of the H4 MA and there’s further resistance in the 1.4580/90 area. The return below 1.4525 will make the pair revisit the recent lows. If it manages to jump to the 1.4600 area, sellers will also re-emerge due to the resistance line connecting August and October highs.
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
How does the GBP/USD look like?
USD/JPY has declined from 111.70 and went into consolidation around 107.50.
AUD looks stronger, RBA keeps the rate steady. How positive is the picture?
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
The USD/CAD price has been falling down since March 19. What are the reasons?
