Forex Marketz Daily Forex News – Fully Markets Update
EUR/CAD — 1.4185
Looking at the daily and five minute charts for the EUR/CAD pair, we see that the Euro has good potential for recovery of higher ground against the Loonie.
Back in March, 2014 the EUR/CAD was trading at a high of 1.54-1.55. Then in September it fell to a low of 1.415. Now it is trading at 1.416 range with resistance as high as 1.4177 and support as low as 1.4156. Keep on the lookout for potential quick movement as it adjusts itself to a stable range. We can still look at the bullish side, but investors should be cautious for fluctuations.
The Canadian dollar is still in an unstable position in genral against its largest trading partner, the United States. Yesterday the Loonie fell almost half a cent as the Bank of Canada was expected to talk about the new economy in Canada. Investors can refer to more information here.
The Loonie (called this due to the picture on the front of the 1 dollar coin) is the 7th most actively traded currency in the world.
Canadian economic news in more details can be found from the largest Canadian bank, The Royal Bank of Canada on their website here.
