EUR/CAD Snaps Range Bound Price Action to Eye March Low

EUR/CAD snaps the range bound price action from last week as it slipped to a fresh monthly low (1.4465) on the last day of May, and the exchange rate may attempt to test the March low (1.4383) as it carves a series of lower highs and lows.

EUR/CAD Rate Outlook

EUR/CAD trades to a fresh weekly low (1.4446) after struggling to trade back above the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region, with a move below the March low (1.4383) opening up 1.4360 (38.2% Fibonacci extension).

Next area of interest comes in around the February low (1.4239), but failure to test the March low (1.4383) may curb the recent decline in EUR/CAD, with a move above the 1.4600 (38.2% Fibonacci retracement) to 1.4640 (23.6% Fibonacci extension) region bringing the 50-Day SMA (1.4726) back on the radar.

Will keep a close eye on the moving average as it no longer reflects a positive slope.