EURCAD Analysis
EURCAD is moving in a downtrend by forming lower highs and lower lows in the 4-hour timeframe chart.
Now, EURCAD has reached the bottom (lower low) zone of the downtrend and trying to bounce back for correction movement.
Canadian Dollar shows a good bullish path as Domestic data performed well.
Bank of Canada meeting scheduled this week, there may chance to taper its purchases and rate hikes at the end of 2021.
US Dollar performed well after Vaccination hopes and Canadian Dollar rally for Oil prices. Consumer price growth of the US scheduled this week; the data will affect USDCAD prices more.
EURO
Euro currency shows weak movement against the US Dollar as Stronger US yields came.
And ECB meeting will be held on this week if any tapering of stimulus happened. will lead to dragging Euro prices down.
And also, ECB was not happy with higher Bonds yields; as they plan to reduce bonds yields rates by Reducing purchases.
And still, Vaccinations are slow in progress in the Eurozone this will drag the Euro prices lower in a fundamental point of view.
However, In the technical view, EURCAD trying to bounce back for some correction movement.
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