EUR/CAD Clears April Low with RSI Approaching Oversold Territory
EUR/CAD clears the April low (1.4580) after struggling to push back above the 50-Day SMA (1.4753), and the exchange rate may continue to give back the advance from the March low (1.4383) as it extends the series of lower highs and lows from the start of the week.
EUR/CAD Rate Outlook
EUR/CAD appears to have reversed course following the failed attempt to clear the August 2021 high (1.5115), and the exchange rate may no longer track the positive slope in the moving average as it fails to defend the April range.
A further decline in EUR/CAD may continue to push the Relative Strength Index (RSI) towards oversold territory, with a move below 30 in the oscillator likely to show the bearish momentum gathering pace like the behavior seen last year.
Failure to defend the March low (1.4383) may push EUR/CAD towards 1.4360 (38.2% Fibonacci extension), with the next area of interest coming in around the February low (1.4239).
At the same time, the RSI may show the bearish momentum abating if it stays out of oversold territory but need a move back above the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region for EUR/CAD to snap the series of lower highs and lows.
EUR/CAD Rate Outlook
EUR/CAD appears to have reversed course following the failed attempt to clear the August 2021 high (1.5115), and the exchange rate may no longer track the positive slope in the moving average as it fails to defend the April range.
A further decline in EUR/CAD may continue to push the Relative Strength Index (RSI) towards oversold territory, with a move below 30 in the oscillator likely to show the bearish momentum gathering pace like the behavior seen last year.
Failure to defend the March low (1.4383) may push EUR/CAD towards 1.4360 (38.2% Fibonacci extension), with the next area of interest coming in around the February low (1.4239).
At the same time, the RSI may show the bearish momentum abating if it stays out of oversold territory but need a move back above the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region for EUR/CAD to snap the series of lower highs and lows.
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