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EUR/CAD, USD/CAD – Weaker Euro Throughout the Board
On Sep 18, USD/CAD rally stalled after printing 1.3310 – its highest stage in two weeks. This week, sellers tried to press the worth decrease nevertheless, their endeavors haven’t been profitable but.
Almost about EUR/CAD the pair has been dropping worth since Sep 19. Yesterday, the worth rebounded from a well-defined assist stage.
Alongside this, the Relative Energy Index (RSI) remained flat above 50 indicating to weak patrons 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 every day chart, we discover USD/CAD returned to the 1.3256-1.3357 buying and selling zone on Wednesday, leaving the pair trendless. Sellers and patrons are at present battling to achieve the higher hand and set the subsequent transfer in movement.
Thus, the worth could also be on the way in which for a take a look at to the excessive finish of the zone. Nevertheless, USDCAD must clear the weekly resistance space and stage marked on the chart (zoomed in).
However, any shut beneath the low finish of the zone might be a very good sign to see the worth buying and selling in the direction of 1.3166. Such sign could be even stronger with the worth closing beneath 50 days shifting common at 1.3240. That mentioned, the weekly assist space underlined on the chart (zoomed in) ought to be saved 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
Wanting on the every day chart, we discover on Sep 20 EUR/CAD declined to a decrease buying and selling 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 larger in the direction of the excessive finish of the zone, contingent on clearing the every day resistance space and ranges marked on the chart (zoomed in). Verify EURCAD chart to know extra concerning the larger buying and selling zone/s with weekly resistance ranges to watch in an additional bullish transfer.
On the flip-side, any shut beneath the low finish of the zone might see EURCAD buying and selling even decrease in the direction of the neighborhood of 1.4389-79. However, the weekly resistance space underscored on the chart ought to be saved in focus.
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Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi