EUR/CAD Price Analysis: Pair extended losing streak, fell to lowest since February
- EUR/CAD fell 0.56% on Friday to trade close to 1.4550.
- Pair extended losing streak to four sessions and fell to a low since February.
- Oversold indicators signal potential correction, but negative outlook remains.
The EUR/CAD extended its losing streak to four sessions, falling to a low since February on Friday. The pair declined by 0.56% to 1.4550.
Technical indicators on the EUR/CAD currency pair continue to paint a bearish picture, as evidenced by the pair's sharp decline in recent sessions and the ongoing four-day losing streak. The Relative Strength Index (RSI) has entered the oversold territory, with a current reading of 21, indicating that selling pressure is intensifying. The RSI's downward slope further suggests that the bearish momentum is gaining strength. The Moving Average Convergence Divergence (MACD) also supports this view, as it remains negative and is trending upwards, signaling a bearish outlook.
The oversold indicators seen in the RSI suggest a potential correction, but the overall sentiment remains bearish. Resistance levels at 1.4600, 1.4630, and 1.4650 will be crucial to watch for potential upside moves, while support levels at 1.4530, 1.4515, and 1.4500 may provide downside protection.
EUR/CAD daily chart
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.