EUR/CAD forecast for today by Traders Union analysts
The EUR/CAD currency pair is primarily recommended for traders trading the news. Its price correlates with the commodity prices (in particular, oil and petroleum products prices). The quote shows the price of one euro in Canadian dollars. Euro is the base currency in the pair, and Canadian dollar (Loonie) is the quoted currency.
Traders Union experts conduct daily analysis using instruments of technical analysis and making the EUR/CAD forecast. You can monitor the price chart online and make informed trading decisions to earn profit.
EUR/CAD sold from 1.4690 resistance
26.04.2024
Rising oil prices are once again stimulating demand for the Canadian dollar, causing the euro to fall to 1.4640 support after testing 1.4690 resistance. Its breakout will lead to a decline toward 1.4610-1.4600. In the event of a drop in oil prices, a rebound of the euro to 1.4670-1.4690 is possible.
EUR/CAD moves higher
25.04.2024
The euro, having found 1.4610 support paired with the Canadian dollar, broke 1.4630 resistance and rose to 1.4670. It is quite possible that this rise forms another peak in the series of declining peaks, which heralds the breakout of support and decline toward 1.4580-1.4550. Breaking resistance will weaken bearish pressure and lead to a growth toward the 47th figure.
EUR/CAD unable to continue rising on German PMI
24.04.2024
The rise of the euro against the Canadian dollar on the German manufacturing PMI was predictably used for selling, after which the euro, after unsuccessful attempts to break 1.4630 resistance, fell to 1.4600 support. A series of lower peaks suggests a break of 1.4580 support and a decline toward 1.4560-1.4550. Breaking resistance will lead to a growth toward 1.4660-1.4680, where the euro may be sold again.
EUR/CAD rises on German PMI
23.04.2024
Remaining under selling pressure, the euro against the Canadian dollar broke yesterday's 1.4630 support and declined to 1.4580 support. Strong German manufacturing PMI triggered a rebound toward 1.4634 for the moment, but a rise in the euro toward 1.4650-1.4670 could be used for selling. The loss of 1.4630 will lead to a decline toward the 46th figure.
EUR/CAD sold on the rise
22.04.2024
Buying the euro from 1.4640 support granted bulls the chance to challenge 1.4680 resistance against the Canadian dollar, yet they couldn't absorb offers at this level, causing the euro to revert to support. Attempts to rise back to resistance are possible from here. The loss of support may lead to a decline toward 1.4610-1.4600.
EUR/CAD is under pressure
19.04.2024
Remaining under selling pressure, the euro yesterday broke support at 1.4680 and declined to 1.4640 support against the Canadian dollar. Expectations of the ECB cutting interest rates in the near term could contribute to breaking this support, leading the pair to continue its decline toward 1.4610-1.4600. Breaking resistance at 1.4660 will allow bulls to test 1.4680.
Euro/Canadian dollar tries to hold above 1.4670
18.04.2024
Against the Canadian dollar, the euro tries to hold above 1.4670 support, which maintains the chances of breaking resistance at 1.4700-1.4720 and rising toward 1.4740-1.4760. Loss of support will lead to a decline toward 1.4640-1.4620. The high likelihood of the ECB cutting interest rates in the near term makes the euro vulnerable, so it might be sold on the rise.
Euro/Canadian dollar sold on growth
17.04.2024
The deceleration of inflation in Canada prompted the euro growth against the Canadian dollar to 1.4727, followed by a retreat toward 1.4675 support on the backdrop of pressure. Nonetheless, there may be attempts at bouncing off the support level toward 1.4700-1.4720, while the loss of the support level will lead to a further decline toward 1.4640-1.4620.
Euro/Loonie remains under pressure
16.04.2024
Despite the fall of the Canadian dollar against the US dollar, the Euro/Loonie pair remained under pressure yesterday, falling to the support at 1.4615, but was bought back again, which brought it back to the resistance at 1.4650. Breaking through it will take it up to resistance around 1.4670-1.4680, from which a resumption of selling is possible; a loss of support will lead to a decline towards 1.4600-1.4580.
Euro/loonie continues to decline
15.04.2024
Remaining under selling pressure, the euro paired with the Canadian dollar broke support near 1.4670 and declined towards 1.4620 support. The nearest resistance is now marked at 1.4665, indicating risks of breaking support and declining towards 1.4600-1.4590; passing resistance will lead to an upside towards 1.4700. On pullbacks, the euro may sell.
Euro/Loonie declines after ECB comments
12.04.2024
Amid the increased likelihood of the ECB lowering the interest rate, the euro is under pressure across the market spectrum, including the pairing with the Canadian dollar. So far, it has broken the support at 1.4670 and tested at 1.4650. Next, bears may test the 1.4630-1.4610 support; passing the 1.4685 resistance will lead to an upside towards 1.4710.
Euro/Loonie under pressure ahead of ECB decision
11.04.2024
For the Canadian dollar, the euro was sold yesterday from resistance near 1.4735 after testing, which it declined to support at 1.4670. Currently, interest of sale remains around the 1.4710 level, below which risks of support breakdown and decline towards 1.4650-1.4640 prevail; hawkish ECB comments may contribute to a rebound towards 1.4730-1.4750.
Euro/loonie under pressure after growth
10.04.2024
In the pair with the Canadian dollar, the euro tested the resistance at 1.4760 yesterday, after which it declined to support at 1.4735. Today, the Bank of Canada will announce its decision on the interest rate level, which is likely to remain unchanged, so the "tone" of the Central Bank's comments may have an impact on the pair's dynamics: a "hawkish" tone will put pressure on the pair, while a "dovish" tone will provide support.
Euro/loonie moves higher
09.04.2024
The euro continues to be in demand, including in the pairing with the Canadian dollar. A pullback to support around 1.4715 after testing resistance at 1.4740 is used to buy, with the bulls testing 1.4750 as a backdrop. This week, the Bank of Canada and the ECB will announce decisions on interest rates, which may affect the pair dynamics, but for now, it is better to refrain from opening strategic positions.
Euro/loonie ended the week with growth
08.04.2024
Despite rising oil prices, the euro and the Canadian dollar broke through resistance around 1.4700/10 and climbed towards 1.4740 resistance. A weekly close near this level increases the chances of breaking it and rising towards 1.4760-1.4780, but the euro/loonie's rise can still be used for selling.
Euro/loonie moves higher
05.04.2024
In the pair with the Canadian dollar, the euro continued its recovery yesterday, as a result of which it tested the resistance near 1.4690. The nearest support is at 1.4670, from which attempts to break through to the 47th figure are possible. However, the activation of bears on the current growth is still possible. Loss of support at 1.4560/50 will decline towards 1.4630-1.4610.
Euro/loonie continues to recover
04.04.2024
Having found support at 1.4625, the euro continued its recovery yesterday in pair with the Canadian dollar, breaking the resistance at 1.4640 and testing the level of 1.4660. This recovery is likely due to profit taking on short positions and may attract fresh selling interest. A breakdown of the current resistance will lead to a rise towards 1.4680-1.4700.
Euro/Loonie rises after falling
03.04.2024
Remaining under selling pressure paired with the Canadian dollar, the euro declined to 1.4550 support, where it was repurchased, and bulls tested 1.4620 resistance. Above 1.4590, bulls will continue to have chances to break resistance and test 1.4640-1.4660, where the euro may sell off again; a loss of 1.4590 support will lead to a decline towards 1.4560-1.4540.
The euro/loonie sold off from resistance again
02.04.2024
Pulling back from support around 1.4590 again, the euro tested resistance around 1.4625 paired with the Canadian dollar, where it was sold off again, and bears tested 1.4570 support. A return above 1.4590 will allow the euro to test 1.4610-1.4630.
Euro/loonie may continue to decline
01.04.2024
After finding support around the 1.4590 level paired with the Canadian dollar, the euro tried to develop a recovery on Friday. Still, they were sold off from the 1.4630 resistance, which brought it back to the 46th figure. The pair's outlook looks negative at the moment, and bears may test 1.4560-1.4540 after breaking the support above. Passing the resistance will lead to a rise towards 1.4670.
Euro/Loonie sell-off
29.03.2024
Amid the demand for the Canadian dollar and dovish comments from ECB officials, the euro also underwent a sell-off in tandem with it, as a result of which the support at 1.4680/70 was broken, and 1.4590 support was tested. A break of support suggests a deterioration in the EUR/USD outlook and a decline towards 1.4550-1.4520; pullbacks towards 1.4640-1.4670 could be used for selling.
Euro/loonie sold off again from 1.4730 resistance
28.03.2024
Yesterday, the euro tested resistance around 1.4730 again before sliding back towards support at 1.4680 after coming under pressure from the Canadian dollar. Above 1.4680-1.4665, the chances of a return to resistance will remain; loss of support will lead to a decline towards 1.4640-1.4620.
Euro/Loonie sold off on a growth attempt
27.03.2024
The growth attempt of the euro against the Canadian dollar was limited by the resistance around 1.4735, and on the background of the oafs placed from this level, the euro declined to the support at 1.4695. In the short term, the pair may consolidate within the current range, and the exit from it will indicate the direction of further movement.
Euro/Loonie recovers after the decline
26.03.2024
The euro's decline against the Canadian dollar is stopped by buying interest from the level of 1.4670, thanks to which it returned to the resistance of 1.4725. From it, sales are possible, and the pair may decline to the support 1.4690-1.4670, the loss of which will increase the pressure and lead to a decline towards 1.4630-1.4600; passing the resistance will lead to a rise to 1.4750-1.4770, where the euro may be sold.
Euro/loonie bought back on the decline
25.03.2024
Remaining under selling pressure, the euro tested support around 1.4670 paired with the Canadian dollar but soon managed to return to resistance at 1.4720. In case of further decline in oil prices, it is possible to break through the resistance and rise towards 1.4740-1.4760, but the euro may be sold again on the rise. Loss of the above support will lead to a decline towards 1.4660/40.
Euro/Loonie sold off on a growth attempt
22.03.2024
Purchases of the euro against the Canadian dollar from the support near the 47th figure allowed the bulls to test the resistance at 1.4740 again. Still, the euro was again sold here, and the bears are again trying to break the above support. Its loss will lead to a decline towards 1.4660, where a moderate activation of the bulls is possible; from the current levels, rebounds towards 1.4720 are possible, but here the euro may be sold.
Euro/Loonie testing support
21.03.2024
On the rise to resistance around 1.4760, the euro continues to sell for the Canadian dollar, and the bears are testing the support at 1.4710 again, which increases the chances of its breakdown and a decline towards 1.4680-1.4660; passing 1.4740 will allow the bulls to test 1.4760-1.4770.
Euro/Loonie declines after rising
20.03.2024
The decline in inflation in Canada provoked sales of the Canadian dollar, against which the euro rose to the level of 1.4780 in the pair, but its growth was used for selling, and the bears are currently testing the support of 1.4730. Its breakdown will lead to a decline towards 1.4700-1.4680, passing 1.4750 - to growth towards 1.4770-1.4800.
Euro/Loonie sold off on the upside
19.03.2024
Yesterday, the euro broke the resistance around 1.4750 and tested the resistance of 1.4765 paired with the Canadian dollar. Still, the rise in oil contributed to the activation of the loonie bulls and the euro's decline to the support of 1.4715. If Canadian inflation rises, it could continue to decline towards 1.4670-1.4650; a slowdown in inflation could help test 1.4750 resistance.
Euro/Loonie trades in a range
18.03.2024
When paired with the Canadian dollar, the euro continues to trade within a consolidation range between support near 1.4710 and resistance at 1.4760. The pair's consolidation is taking place within the framework of the uptrend, so the breakdown of resistance and growth towards 1.4780-1.4800 remains possible; loss of support will lead to a decline towards 1.4680-1.4660 and weaken the bulls' positions.
EUR CAD Chart
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How will the euro price change against the Canadian dollar?
Technical analysis is of paramount importance in forecasting the EUR/CAD price performance both for the long and short term. TU experts use various methods of technical analysis (patterns, indicators, support and resistance levels, etc.) for making the forecast.
The EUR/CAD is considered a minor currency pair. Despite it not being as popular as some other pairs in the Forex market, it remains highly liquid. Because one of the currencies in the pair is actively traded during the U.S. trading session and the other during the European trading session, the period of increased volatility is rather extended.
The trading activity for this currency pair is usually observed at the London Stock Exchange (LSE) on working days from 8:00 am until 4:29 pm (GMT+1).
FAQ
1
How profitable is it to trade EUR/CAD?
Novice traders can consider trading the EUR/CAD pair due to its low volatility. However, the spreads on the pair are rather high, which also needs to be taken into account.
2
What are the benefits of trading EUR/CAD?
Trading this currency pair allows traders to avoid the risks related to global macroeconomic factors. It is particularly beneficial for attempts to hedge positions. The pair is isolated from the U.S. dollar, which makes this instrument suitable for a carry trade strategy. The pair’s disposition to strong trends is another advantage that opens up more earning opportunities for both day trading and swing traders.
3
Is the technical analysis data enough to determine the price performance?
Technical analysis is of paramount importance in determining the further movement of the EUR/CAD price. However, when making trading decisions, you also need to consider the conditions of the commodities market that can directly influence the pair’s price chart in the near future.
4
When is the peak of trading activity for EURCAD?
The peak of trading activity for this currency pair is usually observed during the crossover between London and New York market sessions, 1 pm to 4 pm GMT.