| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Buy |
| RSI(14) | Buy | Neutral | Neutral |
| Stochastic(5;3;3) | Neutral | Buy | Neutral |
| Alligator(13;8;5) | Sell | Sell | Buy |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇘ | ⇘ | ⇗ |
The common European currency has declined by 225 pips or 1.43% against the Canadian Dollar since September 30. The currency pair is currently trading in a narrow descending channel pattern.
All things being equal, the EUR/CAD exchange rate is likely to continue to edge lower in the descending channel pattern. Bearish traders could target a support cluster at the 1.5440 level.
However, the currency exchange rate might make a brief pullback towards the monthly pivot point at 1.5590 in the shorter term.