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EUR CAD Technical Analysis - EUR CAD Trading: 2023-07-18
EUR/CAD Technical Analysis Summary
Above 1.4871
Buy Stop
Below 1.4599
Stop Loss
| Indicator | Signal |
| RSI | Sell |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Fibonacci | Buy |
EUR/CAD Chart Analysis
EUR/CAD Technical Analysis
The technical analysis of the EURCAD price chart on daily timeframe shows EURCAD,Daily is rising above the 200-period moving average MA(200) which is rising itself. RSI has entered the overbought zone. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.4871. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.4599. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - EUR/CAD
Euro area trade deficit narrowed in May. Will the EURCAD price rebounding continue?
Lates euro area economic data were better than expected: the decline in wholesale prices was less than expected in May. Eurostat report showed euro area international trade in goods deficit declined to €0.9 billion from €8.0 billion when an increase to €10.3 billion was expected. This is bullish for euro and hence for EURCAD pair. At the same time recent datapoint for Canadian economy was better then expected: wholesale sales rose more than expected in May. Wholesale sales (excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain) rose 3.5% to $83.6 billion in May, when a 1.1% increase was forecast. The reported gain in sales was the largest monthly increase since November 2021. Sales increased in four of the seven subsectors. Stronger than expected Canadian economy performance is a downside risk for EURCAD pair. At the same time Statistics Canada is due to report June inflation data at 14:30 CET today. Consumer prices are expected to have slowed their rising in June in Canada. There is a likelihood the CPI index may have risen less than the 0.3% over month in June after 0.4% increase in May. A slower than the expected 0.3% over month increase in Canada CPI is a bullish risk for EURCAD.
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