Published April 03, 2018 1:30 pm est
by Richard Cason
Eur Cad plummets below the 1.5675 handle in extreme volatile trading today, the lowest point the pair has been since March 1st 2018 setting a monthly low of 1.5701 level. As of this writing the Eur Cad is trading at 1.5696 level down -1.18% for the day. The Euro currency appears to be under some bearish selling pressure across the board against a baskets of its cross rivalries:
Eur Index trading at 96.61 down -.27%, Eur Usd down -0.33%, Eur Gbp down -.49%, Eur Nzd down -1.01%.
The Eur Cad set a high of 1.5886 in early morning trading and has been selling down steadily for the last 4 1/2 hours establishing a New Monthly low of 1.5670.
The Eur Cad has clearly been in bearish consolidation mode since Tuesday, March 27, 2018 slowly establishing a series of daily lower highs and lower lows.
The Eur Cad 1 hour Chart time frame listed below appears to be setting up in developing into a descending triangle pattern, as price continues to push down to New Monthly lows of 1.5670.
The one hour Random strength indicator is displaying a reading of 24.3 and the pair is trading well below the 13 day simply moving average and is clearly in possible over sold condition .
On Monday, April 2, 2018 around 4:00 pm est the Eur Cad Spike to a high of 1.5924 establishing highs for the week. Over the last several days the pair has descended down 254 pips from 1.5924 to a monthly lows of 1.5670.
On the data front we had a Mixed bag of Australia, Euro and U.S. Economic news. Euro Cad today the Pair has a strong bearish bias and is range bound 216 Pips as of this writing heading due south potentially eyeing the 1.5650 levels.
AUD 00:30 am est RBA Interest Rate Decision (Apr) exceeded expectation |Actual 1.50%| Forcasted 1.50%| Previous -1.50%.
AUD 00:30 am est RBA Interest Rate Statement
EUR 03:55 am est German Manufacturing PMI (Mar)came in below expectation|Actual 58.2% | Forcasted 58.4%| Previous 58.4%
Nmmforex.com
Eurodollar Futures APR 2018 97.6975 down point -.0.015
- U.S. dollar index is trading is at 90.23 up .05%
- The US 10-year treasury note trading 2.788% up 0.057%.
On the Commodities front Gold is trading at 1334.50 down -.94%
- Silver is trading at 16.427% down point -.1.08%
- Crude Oil (WTI) is trading at 63.51 up +1.13%
**Technical Analysis Outlook EUR CAD: “Strongly Bearish” | 216 pip Trading Range 04/03/2018 High 1.5886 Low 1.5670
- EUR CAD Descending Triangle Formation Strong Bearish
- Potential intraday resistance areas for the EUR CAD Resistance areas R1 1 .5770, R2 1.5879, R3 1.6027 Intraday
Support areas S1 1.5636, S2 1.5580, S3 1.5502 - 1 Hour RSI 26, 4 Hour RSI 25, Daily RSI 39, Weekly RSI 60
Eur Cad Plummets to New Monthly Lows 1.5695 1 hour chart 4 3 2018 1050 am est Sell off
