The Euro has an exchange rate of 1.55 against the Canadian Dollar this morning increasing by 0.41%. The pair has an open rate of 1.5496 and a previous close of 1.5495 with a YTD return of 6.68%. The daily range will stay between 1.54 and 1.55, the 52-week range will sit between 1.42 and 1.59.
Traders are anticipated to continue a bullish trend when investing in EUR/CAD as November progresses. EUR/CAD has moved up during 8 of the last 10 hours. With rapid increases “the moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment—meaning the trend across timeframes is inconsistent.” This will provide rangebound traders a unique opportunity this week.
Continuous fluctuations in the pair’s exchange rate can be seen in the daily price action as it was down 50 pips since yesterday, EUR/CAD “gave buyers a return that ranked 29th in terms of the percentage change.”
Crossing below the 50-day moving average since yesterday, EUR/CAD is forecasted to display bearish tendencies as the problematic range compression positions the pair to have low support levels moving into December.
With losses from their 2-day up streak, EUR/CAD still saw a jump since Moderna and Pfizer announced the success in their COVID-19 vaccinations, bulls have jumped on this stock opportunity but the increase may not last for long. Until case numbers decrease, Brexit deals are finalized, and WTI crude oil stabilizes there will still be constant movement in the pair’s exchange rate.
By Surina Nath