Chart of the Day: EUR/CAD

Chart of the Day: Spot EUR/CAD (13/08/2020) | alb.com

On the daily time frame, the EURCAD has created a potentially short term reversal pattern with the expectation of a resumption of the prevailing uptrend. The larger chart pattern is that of a cup and handle formation suggesting bullish momentum. With price moving above yesterday’s high at 1.56551, this suggests that price could test the 1.5750 level in the near term. Other factors which could benefit the Euro is the continual stalemate in the U.S. congress in their inability to arrive at an agreement over the stimulus package. Yesterday ‘s U.S. CPI figures also highlighted inflationary concerns as the figures released were higher than expected. Currently the 50 exponential moving average on the 4 hour time frame is acting as dynamic support whilst the 20 and 9 exponential moving averages acting as overhead resistance. However, price is above the 50 and 200 moving averages on the daily time frame suggesting that the bullish trend is still intact.

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