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 is moving higher
16.05.2024
Bouncing off 1.4755 support against the Canadian dollar, the euro broke 1.4780 resistance and tested the 1.4813 level. Pullbacks are limited by 1.4780 support, indicating the potential for further growth toward 1.4840. Losing support will lead to a decline toward 1.4760-1.4750.
EUR/CAD is trading unchanged
15.05.2024
There is demand for the euro against the Canadian dollar from 1.4740 support. Its growth toward the 1.4780 level, however, was used for selling, pushing the pair back below the previously broken level at 1.4770. Bulls may continue attempts to break resistance. Losing support will lead to a decline toward 1.4700.
EUR/CAD remains in range
14.05.2024
Euro buying against the Canadian dollar led to a test of 1.4770 resistance, but taking profits on long positions brought it back to 1.4735 support. From this support, there may be attempts to return the EUR/CAD to resistance. Breaking it will lead to a decline toward 1.4710-1.4700.
EUR/CAD is sold from resistance at 1.4755
13.05.2024
The euro was sold against the Canadian dollar from 1.4755 resistance, dropping to 1.4695 support, before bouncing back to 1.4730 resistance. On upward pullbacks, the euro may be sold, which may lead to breaking support and continuing to decline toward 1.4670-1.4650. Breaking 1.4730 resistance will allow bulls to retest 1.4755 resistance.
EUR/CAD is in demand on pullbacks
10.05.2024
The euro is trading without change against the Canadian dollar. After falling toward 1.4720 support, it rose to 1.4760 resistance and ended the trading session between these levels.The demand during pullbacks indicates the possibility of growth toward 1.4780-1.4790. Losing support will lead to a decrease toward 1.4700-1.4680.
EUR/CAD returned to 1.3734 support
09.05.2024
On the previous day, the euro successfully penetrated the bears' defenses at the 1.4770 level against the Canadian dollar, reaching the 1.4785 level where it faced selling pressure again, enough to return to 1.4745 support. Attempts at a growth toward 1.4700-1.4785 are possible from this level. Losing support will lead to a decline toward 1.4720-1.4700.
EUR/CAD tests strong resistance
08.05.2024
Yesterday, there was also demand for the euro in the pair with the Canadian dollar. Breaking 1.4740 resistance, bulls tested the 1.4772 level. Thus, the pair reached strong resistance, from which activation of sellers is again possible. Breaking resistance will lead to a growth toward 1.4800-1.4830.
EUR/CAD declines after growth
07.05.2024
On Friday, the euro continued to rise against the Canadian dollar, testing 1.4740 resistance. Attempts to break it were unsuccessful, leading to a decline in the euro to 1.4705 support. Failure to hold above 1.4720 increases the risks of a decline toward 1.4680-1.4660. Breaking 1.4720 will increase the chances of breaking 1.4740 and growing toward the 48th figure.
EUR/CAD retreated to 1.4645 support
03.05.2024
Yesterday the euro also faced pressure from the Canadian dollar. Retreating from 1.4720 resistance, it dropped to 1.4645 support, then rebounded to 1.4670 resistance, where the euro continued to be sold. Thus, it's more likely right now that the euro will fall below its current support level and drop toward 1.4620 and 1.4600. Breaking the current resistance will lead to a growth toward the 47-figure mark.
EUR/CAD storms 1.4725 resistance
02.05.2024
In the pair with the Canadian dollar, the euro maintains a positive sentiment, but bulls still cannot break 1.4725 resistance. Pullbacks are limited by 1.4690 support level, above which there are chances of breaking resistance and growing toward 1.4750. Losing support will lead to a decrease toward 1.4660.
EUR/CAD rose to 1.4726
01.05.2024
Sales of the Canadian dollar contributed to the rise of the euro to the 1.4726 level, breaking 1.4690 resistance level, from which the euro continues to be bought on pullbacks.Therefore, bulls may once attempt to break the 1.4726 resistance. Losing support will lead to a decrease toward 1.4650-1.4620.
EUR/CAD attempts to resume growth
30.04.2024
Under continued selling pressure, the euro revisited at 1.4610 support yesterday, where it found buyers once more, and bulls tested the 1.4650 level. The ability to consolidate above 1.4610 keeps the euro's chances of growing toward 1.4680-1.4700, but this rise may again be used for selling. Losing support will lead to a decline toward 1.4580-1.4550.
EUR/CAD declines after a rise
29.04.2024
Finding 1.4640 support against the Canadian dollar, the euro rose to 1.4660 resistance, where it was sold off again, and this time bears broke support and tested the 1.4610 level. The nearest resistance now lies at 1.4620, below which there are risks of a decline toward 1.4580. Breakout of resistance will lead a growth toward 1.4640-1.4660.
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.
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.