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Canadian Dollar Forecast: USD/CAD, EUR/CAD Price Ahead of CAD GDP Numbers

Canadian Dollar Forecast: USD/CAD, EUR/CAD Price Ahead of CAD GDP Numbers

Mahmoud Alkudsi, Analyst

Canadian Dollar Outlook

Check our latest Q3 forecasts for free and learn what is likely to move the markets at this time of the year.

EUR/CAD, USD/CAD – Euro Continues Weakening

Since Sep 19 USD/CAD has been trading in a narrow range (near 100 pips) without any clear trend. The pair created a lower high then higher low so far. Additionally, the price has been fluctuating since Sep 23 between two trading zones - above and below 1.3256.

On the contrary, EUR/CAD peaked on Sep 19 then started a downside move. Today, the pair printed 1.4416 - its lowest level in nearly 30 months.

Alongside this, the Relative Strength Index (RSI) continues moving above and below 50 indicating that buyers do not have the momentum to lead the price higher, nor sellers are able to start a downtrend move.

Just getting started? See our Beginners’ Guide for FX traders

USD/CAD DAILY PRICE CHART (AUG 8, 2017 – OCT 1, 2019) Zoomed Out

USDCAD price daily chart 01-09-19 Zoomed out

USD/CAD DAILY PRICE CHART (April 16 – Oct 1, 2019) Zoomed In

USDCAD price daily chart 01-09-19 Zoomed in

From the daily chart, we notice, on Friday USD/CAD closed below 50- day moving average and the same happened yesterday. See trading signals generated by the 50-day MA on the chart (zoomed out).

Hence, USDCAD could be on its way for a test of the low end of the zone contingent on clearing the weekly support level underlined on the chart (zoomed in). See the chart to know more about the lower trading zone with the weekly support levels to consider in a further bearish move.

On the flip-side, another close above 1.3256 could mean more of the current sideways move. However, a close above the weekly resistance area 1.3310-18 could end this trendless move and cause a rally towards 1.3357. Further close above this level may push USDCAD even higher towards the vicinity of 1.3418-22.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

EUR/CAD DAILY PRICE CHART (Jan 3, 2017– Oct 1, 2019) Zoomed Out

EURCAD price daily chart 01-09-19 Zoomed out

EUR/CAD DAILY PRICE CHART (June 12 – Oct 1, 2019) Zoomed In

EURCAD price daily chart 01-09-19 Zoomed out

Looking at the daily chart, we notice yesterday EUR/CAD fell to a lower trading zone 1.4389 – 1.4476 eyeing a test of the low end of it.

Thus, a close below 1.4379 could send EURCAD towards the vicinity of 1.4318-08. Further close below 1.4308 may press the pair towards 1.4236. Nevertheless, the weekly support levels underlined on the chart (zoomed in) should be monitored.

That said, any failure in closing below the low end could reverse the pair’s direction sending it towards the high end of the zone. Further close above the high end could see EURCAD trading towards 1.4644. Although, the daily resistance area and levels marked on the chart should be watched along the way.

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Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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