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EUR/CAD forecast for March 16, 2021

Looking at the chart on the weekly time frame, we see that the EUR/CAD pair has fallen below the moving averages of the MA200 and EMA200. The rise in oil price has strengthened the Canadian dollar by reducing global business risk and implementing global vaccination. By setting the Fibonacci retracement level, we see that the EUR/CAD pair has dropped below 61.8% of the level, and we can expect consolidation now at this level. For the bearish scenario, we are looking at a 78.6% level at 1.46200. We can draw one trend line that connects the previous lows at the bottom, and we can use it as a support line. EUR/CAD
On the daily time frame, we see movement in the descending channel, where the EUR/CAD pair now touches the bottom line of the channel, and we can expect a possible pullback. Moving averages are on the bearish side for now, and they are an indicator for us to continue the bearish trend. If we see a potential pullback, our first target and resistance is 1.50000 psychological level for investors. For the bearish scenario, we expect the fall to continue with the following targets of 1.48000 and then 1.47000. EUR/CAD
We see movement within a falling channel on the four-hour time frame, where the EUR/CAD pair touched the bottom line at 1,48300 and makes a smaller pullback. The first hurdle for a pullback is the moving average of MA20 and EMA20, and if we see that our target is MA200 and EMA200 on the top channel line. EUR/CAD

From the news for the EUR/CAD pair, we can single out the following: French consumer prices rose more than originally estimated in February. The final data of the statistical office Insee showed on Tuesday. Consumer prices grew 0.6 percent annually, at the same rate as in January. This was higher than the 0.4 percent estimated on February 26. Monthly, consumer prices remained stable after rising 0.2 percent in January. The monthly rate was revised by -0.1 percent. The harmonized index of consumer prices increased by 0.8 percent from year to year, the same as in January, but faster than the initial estimate of 0.7 percent. For Canadians, we only have the more important news, The Core Consumer Price Index, tomorrow.

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