EUR/CAD BUY
From a technical analysis perspective, the 1.48 resistance level is critical, and the euro is currently testing this level. If it manages to break through, the next target could be the 1.49 level (Traders Union). However, if the pair fails to hold above this level, it may fall back into the 1.46-1.45 range (DailyForex).
Fundamentally, the market is influenced by economic news from Europe and Canada, as well as oil price movements. Potential rate cuts by the European Central Bank (ECB) and fluctuations in oil prices are significant factors. For example, a drop in oil prices can weaken the Canadian dollar, given Canada's role as a major oil exporter (FX Empire) (Traders Union).
Overall, the EUR/CAD currency pair might remain in a consolidation phase in the short term, with traders closely monitoring key technical levels and fundamental news to determine the next moves. Market sentiment is mixed, and volatility is expected to continue in the near future.
Fundamentally, the market is influenced by economic news from Europe and Canada, as well as oil price movements. Potential rate cuts by the European Central Bank (ECB) and fluctuations in oil prices are significant factors. For example, a drop in oil prices can weaken the Canadian dollar, given Canada's role as a major oil exporter (FX Empire) (Traders Union).
Overall, the EUR/CAD currency pair might remain in a consolidation phase in the short term, with traders closely monitoring key technical levels and fundamental news to determine the next moves. Market sentiment is mixed, and volatility is expected to continue in the near future.
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