Published March 21, 2018 1:51 pm est
by Richard Cason
The Euro Cad appears to still be under some pressure ahead of the Federal Reserve Open Market Committee meetings schedule today on Wednesday March 21st 2018 at 2:00 pm est. The Euro Cad has been trading in a 280 Pip trading range over the last several days.
The Eur Cad started off the early morning session setting a daily high of 1.60254 before descending to a low of 1.59238.
The Eur Cad was trading this morning at 1.6943 as of 10:05 am est and as the day progress, under heavy trading, tested the lows of the day at 1.5899 levels down (0.65%).
Euro Cad descends from Yearly highs handle of 1.6151 to low of 1.5871
With very Limited Economic Euro news projected from Europe today, an a heavy dose of U.S. Economic news expected. The Eur Cad stayed well below 1.5960 level, ranging within 154 Pips.
The Pair traded well below the 13 Single Moving Average an seems to be headed south to temporary support of the 1.5824 levels.
The currency pair has clearly made a clean break below the 13 day simply moving average. The 1 hour RSI is at 32.4 and the Daily RSI is at 52 down 8 points from 03/20/2018 readings.
Eur Cad is demonstrating significant weakness establishing that the bears are clearly in control of today’s Forex trading match. Just less than an hour ahead of the 
FED possibly hiking interest rates by a quarter of a percentage point.
The U.S. Interest rate are presently at 1.5% and is highly anticipated to be raised to 1.75%. Jerome Powell the newly appointed FED Chair will hold his first news conference as FED Chairman today at 2:00 pm est.
Eurodollar Futures APR 2018 97.6876 down point -.0.0275 as of 1:17 p.m. this after noon eastern standard time
- U.S. dollar index is trading is at 89.94 down -.01% as of 1:23 p.m. this after noon eastern standard time
- The US 10-year treasury note trading at 2.864% up .007. Yield Low Today 2.81% Yield High 2.87%
On the Commodities front Gold is trading at 1322.20 up +10.60 0.92% at 1:12 p.m. est.
- Silver is trading at 16.299 up 1.67% at 1:06 p.m. est.
- Crude Oil (WTI) is trading at 65.02 up +2.34% at 1:06 pm est.
Nmmforex.com
**Technical Analysis Outlook EUR CAD: “Bearish” | 154 pip Trading Range 03/21/2018 High 1.60254 Low 1.5871
- Potential intraday resistance areas for the EUR CAD R1 1 .6099, R2 1.6179, R3 1.6238 Intraday Support areas
S1 1.5824 S2 1.5780 S3 1.5702 - 1 Hour RSI 24 Daily RSI 52 Weekly 67
