Equity markets climbed in Europe yesterday
Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/CAD is near the top
Information is not investment advice
On the daily chart of EUR/CAD, the pair formed an ascending channel with the top at 1.5141. On June 6, the European currency was boosted by ECB comments. Although the central bank announced an extension of the earliest date for a rate’s increase from year-end to the middle of 2020, the currency was up. Maybe the rise was caused by the willingness of the bank to support the economy in times of global uncertainties. Nevertheless, the euro gained momentum and the pair tested the top at 1.5141 again. This level is a strong resistance because previously the pair rebounded from it several times. On Friday, investors will consider Canadian jobs data. Positive releases may limit the rise of the pair.
1 scenario: As it was mentioned above, the pair has been trading within an ascending channel, it means that borders play an important role too. We can see a test of the upper boundary of the range near 1.5180, however, it will not mean that the pair has gained momentum. EUR/CAD needs to close above 1.5141, so it will increase the chances of a further rise. The next important resistance to see lies at 1.52145.
2 scenario: Until the pair sticks above 1.5141 risks of the fall exist. The first support will be placed at the low border of the channel. A break below the border will provoke a further decline towards 1.4987.
Similar
Brutal session in the equity markets yesterday
Ichimoku Kinko Hyo EUR/JPY: The EUR/JPY pair is now trading within the Kumo…
The U.S. economy added 390,000 jobs in May
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is now trading above the Kumo…
Popular
Will USDJPY slide lower in 2023?
Last year was tough for the Japanese yen. USDJPY gained more than 30% over 2022, striking above 150 in October. While anticipation of slower Fed rate hikes pulled the pair below the 130 level at the start of 2023, the speculations over the destiny of BOJ’s yield control policy grabbed the attention of the Japanese assets in the middle of January. What lies ahead for traders of the Japanese yen?
BoC Rates Could Alter The Trend on USDCAD and others
Today, at 5:00 pm (GMT +2), the Bank of Canada will publish the Overnight Rate, which represents short-term interest rates, and is pivotal to the overall pricing of the Canadian Dollar in the global markets. Let's look at how the markets are faring ahead of the BoC rates release.
MSFT faces gloomy forecasts ahead of earnings report
In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.
Choose your payment system
