Sat, May 28, 2022 @ 22:47 GMT
HomeContributorsTechnical AnalysisEUR/CAD Tests Major Floor

EUR/CAD Tests Major Floor

The Canadian dollar inched higher supported by rising oil prices.

The pair has given up all gains from the December rally above the daily resistance at 1.4550. Sentiment is struggling to turn things around.

The RSI’s double bottom in the oversold area attracted some buying interest over the critical support at 1.4235. The bulls will need to push above 1.4360 before they could pull in enough bids for a reversal.

Otherwise, a bearish breakout could trigger a sell-off towards 1.4100.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading