Retains bullish bias above 1.6200
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The EUR/CAD cross holds steady near 1.6225 during the early European session on Thursday. The political crisis in France after the shock resignation of France’s Prime Minister Sebastien Lecornu and his government could weigh on the Euro (EUR) against the Canadian Dollar (CAD). Technically, EUR/CAD keeps the bullish vibe on the daily chart, with the price holding above the key 100-day Exponential Moving Average (EMA). Nonetheless, further consolidation cannot be ruled out as the 14-day Relative Strength Index (RSI) hovers around the midline. This suggests neutral momentum in the near term. The first upside target to watch for the cross is seen at 1.6266, the high of October 8. Extended gains could see a rally to 1.6350, the high of September 24. Further north, the next hurdle is located in the 1.6395-1.6400 zone, representing the upper boundary of the Bollinger Band and psychological level. On the other hand, the initial support level for the cross emerges at 1.6184, the lower limit of the Bollinger Band. A breach of this level could expose 1.6095, the low of September 5. The additional downside filter to watch is 1.6030, the 100-day EMA. EUR/CAD Daily Chart Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary…
