- EUR/CAD fell 0.19% on Thursday, hitting 1.4700, the bottom since July 1st.
- With indicators in deeply oversold territory, the EUR/CAD may consolidate to the upside, however the general outlook stays unfavourable.
The EUR/CAD declined by 0.19% to 1.4700 in Thursday’s session, reaching its lowest degree since July 1st. The forex pair has been falling steadily since then, amid rising promoting strain as indicated by the Relative Power Index (RSI) and the Shifting Common Convergence Divergence (MACD). The general momentum seems to be bearish, with the pair prone to proceed its downward pattern within the close to time period, as per our earlier technical evaluation.
The technical indicators for the EUR/CAD pair counsel that the downtrend is prone to proceed. The RSI is at 27, indicating oversold circumstances, and is sloping down, suggesting that promoting strain is rising. The MACD can be suggesting that promoting strain is rising, because the histogram is purple and rising. The general outlook for the EUR/CAD is bearish, and the pair is prone to proceed its decline within the close to time period however an upwards correction shouldn’t be taken off the desk.
Whereas deeply oversold circumstances could result in short-term consolidation, the outlook stays unfavourable. Indicators such because the RSI and MACD counsel continued promoting strain, and the pair is prone to decline additional.
