- March 11, 2024
- Posted by: capadmin
- Category: Market News
Euro-Loonie Tests Key Fib Resistance
The EUR/CAD pair represents the exchange rate between the Euro and the Canadian Dollar. It’s a cross pair that reflects how many Canadian dollars (the quote currency) are needed to purchase one Euro (the base currency). The pair combines two significant economies, with the Eurozone and Canada having unique factors influencing their currency strength, including economic indicators, natural resource prices, and central bank policies.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
In the provided chart, the EUR/CAD appears to be navigating within the bounds of key technical indicators. The Fibonacci retracement levels suggest potential areas of support and resistance. The Ichimoku Cloud indicates the trend and momentum, showing potential areas of buying and selling pressure. Meanwhile, the MACD (Moving Average Convergence Divergence) presents the momentum and possible directional shifts through its divergence/convergence with the signal line and the histogram’s movement above or below the baseline.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.