EUR/CAD Analysis

EUR/CAD News

The EUR/CAD pair declined during Asian trading on Monday, amid a lack of economic data due to the Canadian bank holiday.

On Friday, Canadian jobs and unemployment data were released, which were better than expected.

On the other side of the Eurozone, we await German inflation data tomorrow, Tuesday, and Eurozone inflation data on Friday.

EUR/CAD Technically:

The pair rebounded from the uptrend levels on the daily chart on Friday.

We expect a return to this trend again, given the formation of negative divergence on the MACD indicator.

The best selling entry points would be if the uptrend levels and the support levels of 1.6170 are broken, with a daily candlestick closing below them. From there, we expect further declines towards 1.6000 and then 1.580.

This scenario fails with another close within the uptrend.