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EUR/CAD, USD/CAD – Weaker Euro Throughout the Board
On Sep 18, the rally in USD/CAD stalled after printing 1.3310 – its highest degree in two weeks. This week, sellers tried to press the worth decrease nevertheless, their endeavors haven’t been profitable but.
On the subject of EUR/CAD the pair has been shedding worth since Sep 19. Yesterday, the worth rebounded from a well-defined help degree.
Alongside this, the Relative Power Index (RSI) remained flat above 50 indicating to weak consumers and weaker sellers on USD/CAD. The oscillator declined from 50 to 38 on EUR/CAD emphasizing the bearish outlook of the pair.
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USD/CAD DAILY PRICE CHART (Sep 1, 2017 – Sep 27, 2019) Zoomed Out
USD/CAD DAILY PRICE CHART (April 1 – Sep 27, 2019) Zoomed In
From the each day chart, we discover USD/CAD returned to the 1.3256-1.3357 trading zone on Wednesday, leaving the pair trendless. Sellers and consumers are presently battling to realize the higher hand and set the following transfer in movement.
Thus, the worth could also be on the best way for a take a look at to the excessive finish of the zone. Nevertheless, USDCAD must clear the weekly resistance space and degree marked on the chart (zoomed in).
However, any shut under the low finish of the zone might be an excellent sign to see the worth trading in the direction of 1.3166. Such sign could be even stronger with the worth closing under 50 days shifting common at 1.3240. That mentioned, the weekly help space underlined on the chart (zoomed in) must be stored in focus.
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EUR/CAD DAILY PRICE CHART (Jan 12, 2007– Sep 27, 2019) Zoomed Out
EUR/CAD DAILY PRICE CHART (June 12 – Sep 27, 2019) Zoomed In
Trying on the each day chart, we discover on Sep 20 EUR/CAD declined to a decrease trading zone 1.4476 – 1.4644. Yesterday, the worth rebounded close by the low finish of the zone.
Therefore, the pair could also be trying to commerce increased in the direction of the excessive finish of the zone, contingent on clearing the each day resistance space and ranges marked on the chart (zoomed in). Examine EURCAD chart to know extra concerning the increased trading zone/s with weekly resistance ranges to observe in an extra bullish transfer.
On the flip-side, any shut under the low finish of the zone might see EURCAD trading even decrease in the direction of the neighborhood of 1.4389-79. Nonetheless, the weekly resistance space underscored on the chart must be stored in focus.
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Written By: Mahmoud Alkudsi
Please be happy to contact me on Twitter: @Malkudsi