- EUR/CAD fell 0.30% to 1.4785.
- The indicators continued to lose ground as the pair fell to the lowest since July.
- The RSI and MACD indicators suggest a bearish outlook, with increasing selling pressure, but an upward correction could be coming.
The EUR/CAD pair saw a decline of 0.30% on Tuesday, hitting a low of 1.4785, the lowest level since July. The indicators continued to deteriorate, with both the Relative Strength Index (RSI) and the Moving Average Convergence/Divergence Indicator (MACD) pointing towards a bearish trend, indicating increasing selling pressure.
As mentioned, the pair’s bearish outlook is supported by technical indicators, including the RSI, which is currently in the oversold zone at 29 with a downward slope, indicating increasing selling pressure. The MACD also reinforces this view, with its histogram turning red and rising, suggesting possible intensification of selling. If the pair closes and sustains below 1.4785, it would indicate increased selling pressure and a possible downtrend.
However, the RSI reaching oversold levels suggests the possibility of a corrective bounce above 1.4800.
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.
