Published March 29, 2018 12:45 pm est
by Richard Cason
Under extreme heavy trading Euro Cad manage to sell down to a intraday low of 1.5840 handle. The Eur Cad has clearly been in bearish consolidation mode since Tuesday, March 27, 2018 slowly establishing a series of daily lower lows.
In Early morning trading a couple of hours prior to the U.S. New York Session the pair made a false break up to 1.5928 area establishing a short lived High for the day. The Eur Cad 1 hour Chart time frame listed below is setting up in developing into a descending triangle pattern, as price continues to potentially push down to Weekly lows of 1.5813 set back on Friday, March 23, 2018.
As of this Writing the Eur Cad is currently trading 1.5855 levels down -0.0053 (-.33%). The one hour Random strength indicator is displaying a reading of 36.3 and the pair is trading well below the 13 day simply moving average.
On the data front we had a heavy dose Euro, Canadian and U.S. Economic news fueling this sell off. Euro Cad today the Pair has a bearish bias and is range bound 88 Pips as of this writing heading due south potentially eyeing the 1.5798 levels.
03:00 am est 
German Unemployment Change (Mar) exceeded expectation |Actual -19| Forcasted -15K| Previous -23K.
8:30 am est 
Core PCE Price Index (YoY) (Feb) came in as expectation at |Actual 1.6% | Forcasted 1.6%|Previous 1.5%.
8:30 am est Initial Jobless Claims exceeded expectation |Actual 215K| Forcasted 230K| Previous -227K.
8:30 am est 
GDP (MoM) (Jan) came in below expectation |Actual 0.1% | Forcasted 0.1%| Previous 0.2%.
NMMForex.com
Eurodollar Futures APR 2018 97.71 down point -.0.015 as of 1:17 p.m. this after noon eastern standard time
- U.S. dollar index is trading is at 90.06 up -.01% as of 1:23 p.m. this after noon eastern standard time
- The US 10-year treasury note trading down point -2.741%.
On the Commodities front Gold is trading at 1329.20 down -.07%
- Silver is trading at 16.347 up .434%
- Crude Oil (WTI) is trading at 64.90 up +0.81%
**Technical Analysis Outlook EUR CAD: “Strongly Bearish” | 88 pip Trading Range 03/29/2018 High 1.5928 Low 1.5833
- EUR CAD Descending Triangle Formation Strong Bearish
- Potential intraday resistance areas for the EUR CAD R1 1 .5970, R2 1.6079, R3 1.6120 Intraday Support areas
S1 1.5824 S2 1.5780 S3 1.5702 - 1 Hour RSI 36, 4 Hour RSI 35, Daily RSI 47 , Weekly 67
