CAD to EUR to USD Daily Overview: December 9th 2020

CAD to EUR to USD Daily Overview: December 9th 2020

European Euro (EUR) to Canadian Dollar (CAD)

The Euro is trading at 1.54 against the Canadian Dollar this morning, down -0.19% with a YTD return of 6.34%. With an open rate of 1.5515, the same as the previous close, the pair’s daily range will stay between 1.54 and 1.55, while the 52-week range will sit between 1.42 and 1.59.

EUR has lost minimal momentum as December progresses as the CAD exchange rate remains above the 1.55 support level. EUR/CAD saw a dramatic surge in mid-February going from the 1.43 level to a high 1.58 and has managed to stay above the 1.50 level since the beginning of the pandemic.

Access to COVID-19 vaccination and getting the number under control will influence the EUR/CAD exchange rate as 2021 approaches. Traders are anticipated to buy impulsively, following bullish trends with hopes for short-term gains.

US Dollar (USD) to European Euro (EUR)

EUR is trading at 1.21 against the US Dollar, up 0.04% with a YTD return of 7.94%. The open rate and previous close are the same, sitting at 1.2104. EUR/USD has a daily range that is expected to stay within the 1.21 support level while the 52-week range is forecasted to move between 1.06 and 1.21.

Over the last six months, the Euro has been gaining strength against the USD, increasing from the 1.10 level in June and managing to stay above the 1.16 range since the end of July. But “sellers have consistently failed to establish a foothold below 1.21 this week even though the European Central Bank is expected to announce more stimulus this Thursday” FXStreet reported.

Asian stocks have dramatically increased due to the anticipated US stimulus success. EUR/USD traders will take a bullish stance based on US stocks, which means “a sudden pullback cannot be ruled out, in which case, the dollar would pick up a bid, pushing EUR/USD lower.”

By Surina Nath