Published April 04, 2018 11:45 am est
by Richard Cason
Eur Cad bounces off monthly lows set yesterday at 1.5674 level and on Wednesday up by .28% trading at 1.5748 as of this writing. As the Chart Below depicts Euro Canadian dollar currency pair managed to reach a high of 1.5794 at 4 a.m. eastern standard time before consequently encountering immediate resistance at 1.5794. The pair retreated abruptly back down to the temporary low of 1.5741 level.
EUR CAD Bounces Off Monthly Lows Apr 4, 2018
Eur Cad is currently range trading within a 100 pip intraday area between the high of 1.5794 and a low of 1.5674. As of this writing the pair is trading well above the 13 day simple moving average and the Random Strength Indicator is reading 59.1. The Eur Cad one hour chart appears to setting up to possibly forming a potential Bullish Bat formation.
The Euro Index 96.86 up .16% Euro appears to be gaining strength appears to have some bullish momentum across the board against a baskets of its cross rivalries:
Eur Index trading at 96.61 up +.27%, Eur Usd up +0.22%, Eur Gbp up +02%, Eur Jpy up +.14% Eur Chf up .32% Eur Aud up +11%.
The Eur Cad set a high of 1.5794 in early morning trading and has been range trading over the last 4 1/2 hours low of 1.5727.
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. As of this writing the pair has rebound off the Monthly lows and our bias is neutral at this time.
The Eur Cad 1 hour Chart time frame listed below appears to be setting up in developing into a possible bullish bat pattern, as price action is consolidating between intraday high of 1.5794 and intraday low of 1.5727 as of 12;17 pm est.
The one hour Random strength indicator is displaying a reading of 43 and the pair is trading slightly below the 13 day simply moving average and is clearly in possible over sold condition .
On Tuesday, April 3, 2018 around 4:00 pm est the Eur Cad sinks to a high of 1.5786 to a historically monthly low of 1.5670. 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 Euro and U.S. Economic news. Euro Cad today the Pair has a neutral bias and is range bound 101 Pips as of this writing in intraday consolidation phase as the market searching for a clear direction.
EUR 0500 am est Unemployment Rate (Feb) came in as expected|Actual 8.5% | Forcasted 8.5%| Previous 8.5%
USD 09:30 am est ADP Nonfarm Employent Change (Mar) exceeded expectation |Actual 240K| Forcasted 208K| Previous 246K
USD 09:30 am est ISM Manufacturing PMI (Mar)came in below expectation|Actual 58.8% | Forcasted 59.4%| Previous 58.5%
USD 09:30 am est Crude Oil Inventories exceeded expectation |Actual -4.617M| Forcasted 1.400M| Previous 1 .643M
Nmmforex.com
- Eurodollar Futures APR 2018 97.69 down point -.0.005
- U.S. dollar index is trading is at 90.06 up .13%
- The US 10-year treasury note trading 2.787% up 0.06%.
On the Commodities front Gold is trading at 1339.70 up 0.17%.
- Silver is trading at 16.427%down point -.1.08%
- Crude Oil (WTI) is trading at 63.28 down point -..33%
**Technical Analysis Outlook EUR CAD: “Neutral” | 121 pip Trading Range 04/04/2018 High 1.5795 Low 1.5674
- EUR CAD Possible Bullish Bat Formation
- Potential intraday resistance areas for the EUR CAD Resistance areas R1 1 .5822, R2 1.5879, R3 1.5979 Intraday
Support areas S1 1.5700, S2 1.5680, S3 1.5580 - 1 Hour RSI 43, 4 Hour RSI 35, Daily RSI 40, Weekly RSI 60
EUR CAD Bounces Off Monthly Lows Apr 4, 2018
