EUR/CAD Rebounds Ahead of Monthly Low
EUR/CAD appears to be reversing course ahead of the monthly low (1.4283) as it retraces the decline from the previous week.
EUR/CAD Rate Outlook
EUR/CAD consolidates following the failed attempt to test the February low (1.4239), and the exchange rate may stage a run at the monthly high (1.4540) as it holds above 1.4260 (38.2% Fibonacci retracement).
A break above the monthly high (1.4540) brings the 1.4590 (23.6% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region back on the radar, with a move above the 50-Day SMA (1.4612) opening up 1.4770 (50% Fibonacci extension).
However, EUR/CAD may struggle to retain the rebound from the weekly low (1.4326) as the moving average develops a negative slope, with a move below 1.4360 (38.2% Fibonacci extension) raising the scope for another run at 1.4260 (38.2% Fibonacci retracement).
EUR/CAD Rate Outlook
EUR/CAD consolidates following the failed attempt to test the February low (1.4239), and the exchange rate may stage a run at the monthly high (1.4540) as it holds above 1.4260 (38.2% Fibonacci retracement).
A break above the monthly high (1.4540) brings the 1.4590 (23.6% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region back on the radar, with a move above the 50-Day SMA (1.4612) opening up 1.4770 (50% Fibonacci extension).
However, EUR/CAD may struggle to retain the rebound from the weekly low (1.4326) as the moving average develops a negative slope, with a move below 1.4360 (38.2% Fibonacci extension) raising the scope for another run at 1.4260 (38.2% Fibonacci retracement).
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