EURCAD – Euro Setting Up For Another Break Vs Canadian Dollar
Key Points
• The Euro moved towards 1.4900 against the Canadian Dollar before correcting lower.
• There is a critical contracting triangle pattern with support at 1.4780 formed on the hourly chart of EURCAD.
• Today in the Euro Zone, the French Gross Domestic Product for Q1 2017 (Preliminary) was released by INSEE.
• The outcome was below the forecast, as there was an increase of 0.3% in the GDP, less than the last revised 0.5%.
EURCAD Technical Analysis
The Euro moved higher this week against the Canadian Dollar and traded as high as 1.4907. Later, the EURCAD pair started a correction, and tested the 1.4750 support zone. At the moment, the pair is trading inside a critical contracting triangle pattern with support at 1.4780 on the hourly chart.
It is well above the 38.2% Fib retracement level of the last decline from the 1.4892 high to 1.4754 low, which is a positive sign.
The pair is also above the 21 hourly simple moving average at 1.4810, but struggling to remain above the 50% Fib retracement level of the last decline from the 1.4892 high to 1.4754 low at 1.4825.
Key Points
• The Euro moved towards 1.4900 against the Canadian Dollar before correcting lower.
• There is a critical contracting triangle pattern with support at 1.4780 formed on the hourly chart of EURCAD.
• Today in the Euro Zone, the French Gross Domestic Product for Q1 2017 (Preliminary) was released by INSEE.
• The outcome was below the forecast, as there was an increase of 0.3% in the GDP, less than the last revised 0.5%.
EURCAD Technical Analysis
The Euro moved higher this week against the Canadian Dollar and traded as high as 1.4907. Later, the EURCAD pair started a correction, and tested the 1.4750 support zone. At the moment, the pair is trading inside a critical contracting triangle pattern with support at 1.4780 on the hourly chart.
![EURCADH1-1-768x371.png](/proxy.php?image=http%3A%2F%2Fwww.fxtimes.com%2Fwp-content%2Fuploads%2F2017%2F04%2FEURCADH1-1-768x371.png&hash=320958ce24c0b83339dbbb5446772a0d)
It is well above the 38.2% Fib retracement level of the last decline from the 1.4892 high to 1.4754 low, which is a positive sign.
The pair is also above the 21 hourly simple moving average at 1.4810, but struggling to remain above the 50% Fib retracement level of the last decline from the 1.4892 high to 1.4754 low at 1.4825.