EUR/CAD Price Analysis: Pair fell deeper, approaching last week's lows, indicators deep in negative territory
|- EUR/CAD dropped 0.29% on Wednesday.
- The cross fell deeper, reaching lows last seen in July, with technical indicators remaining deeply negative.
- EUR/CAD might continue to shed more ground as it has room before oversold conditions.
The EUR/CAD fell by 0.29% on Wednesday, reaching a low of 1.4745, continuing its decline and reaching lows last seen in July. The bearish trend is supported by negative technical indicators, with the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicating selling pressure and bearish momentum.
The EUR/CAD is in a downtrend after touching a peak of 1.5170. Currently, the pair is approaching the level of 1.4740, where sellers are showing strength. The technical indicators point to heightened selling pressure, with the RSI at 31, near the oversold area, and the MACD red and rising.
The EUR/CAD pair continued its downtrend on Wednesday, reaching lows last seen in July. This move was supported by negative technical indicators, such as the RSI and MACD, indicating selling pressure and bearish momentum. The pair might continue to shed more ground as it has room before oversold conditions but bears might encounter a strong barrier at the 1.4700 area where the pair might encounter a rebound..
EUR/CAD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.