- EUR/CAD rose 0.26% on Friday.
- A break and close below 1.4800 could signal further bearish momentum in the near term.
The EUR/CAD pair saw a slight rebound in the session on Friday, rising 0.26% to reach 1.4825. However, despite this modest gain, the pair remains below its 20-day SMA, having recently completed a bearish crossover between the 20-day and 200-day SMA. As buyers try to reclaim the 20-day SMA, indicators suggest a struggle, with the Relative Strength Index (RSI) regaining buying pressure and the moving average convergence/divergence indicator (MACD) indicating increasing buying pressure and a general bullish momentum.
However, until the pair breaks above 1.4800, the short-term outlook remains negative. The aforementioned crossover, combined with momentum that has not fully recovered, suggests that further gains may be limited.
EUR/CAD Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
