EURCAD Analysis: The Price May Test 1.3475 Before Rising Again

EURCAD Analysis: The Price May Test 1.3475 Before Rising Again

From the chart, we can see that EURCAD continues to move lower in a well-defined downtrend.
Personally, I do not see any reason why the price should change direction now, considering the fact
that the price of oil is still very high and the Canadian dollar is also a commodity currency.

So in the near future, the Canadian dollar should be supported by the price volatility in the oil market.

EUROPE on the other hand is also facing economic problems and I do not see any green light soon.

So all the upward movements in EUR can only be corrective moves before the price resumes the main trend.

Thank you and Good Luck!