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CFD Trading Rate Euro vs Canadian Dollar (EURCAD)

Bid
Ask
Change (%)
Date/Time (GMT 0)
Over the past 10 days
Date Rate Change

Related news

  • 17.07.2024 11:42
    EUR/CAD Price Forecast: Bullish continuation pattern forming
    • EUR/CAD is tipped to go higher if a bullish continuation pattern completes. 
    • The price pattern is enhanced by the ADX indicator rising strongly above 20.
    • EUR/CAD could reach 1.5000 and beyond if it continues bullish momentum. 

    EUR/CAD is rising strongly as diverging interest-rate expectations favor the Euro (EUR) over the Canadian Dollar (CAD). 

    The pair is trading at about 1.4950 at the time of writing and is forming a continuation price pattern (shaded blue rectangle) which – should it complete – could forecast probable higher prices to come. 

    EUR/CAD Daily Chart


     

    Assuming that Wednesday’s close is above 1.4930 and the day ends as a bullish green candle, the pattern will be confirmed. 

    The Average Directional Indicator (ADX) is used to assess the strength of the trend and it is rising at above 20 further confirming the likelihood of the bull trend continuing.

    If the pattern completes – as looks highly likely – the pair will probably rise to roughly 1.5000, where it will encounter resistance from the dark gray trendline. A break above the day’s highs would serve as confirmation. 

    It is also possible it could continue even higher to the resistance line at 1.5040. 

    A decline below 1.4839, however, would invalidate the pattern. 

     

  • 25.06.2024 13:31
    EUR/CAD Price Analysis: Probably completing a large Symmetrical Triangle
    • EUR/CAD is completing a Symmetrical Triangle pattern on the weekly chart. 
    • A breakout is expected – probably quite soon – leading to a volatile directional move higher or lower. 
    • Given the move prior to the pattern in 2022-23 was bullish, the odds marginally favor a breakout and continuation higher. 

    EUR/CAD is completing a Symmetrical Triangle pattern on the weekly price chart, which indicates the pair is poised to break out and move in a volatile directional fashion. 

    EUR/CAD Weekly Chart

    The bigger picture for EUR/CAD is that the pair bottomed out in 2022 and recovered. From the start of 2023 the pair started consolidating and began forming a Symmetrical Triangle pattern. 

    The Symmetrical Triangle (ST) pattern has formed roughly five internal waves which is the minimum for reaching completion. It is possible that it has finished, therefore, and could break out quite soon. 

    A breakout higher is marginally more likely than a breakout lower because the move prior to the formation of the ST was bullish. It could also be argued that the pair began a long-term uptrend prior to the formation of the ST. 

    A decisive break above the upper (green) boundary line would be indicative of an upside breakout. This would be expected to reach a target at roughly 1.5528, the 0.618 Fibonacci of the height of the ST at its widest point extrapolated higher from the breakout point. 

    Likewise, the same goes for a decisive break lower, only with a target at roughly 1.4112. 

    A decisive break higher would be defined as a breakout that was accompanied by a long, green, weekly candle that closes near its high, or three candles in a row that break higher. In the case of a breakout lower the same would apply only with a red candle instead. 

      

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