The situation for euro-loonie is somewhat different because there’s also evidence that most of the major economies in the eurozone, especially Germany, are struggling to a degree. However, from a technical perspective, the potential entry to buy here seems to be better than for USDCAD. The price has yet to emerge from oversold based on the slow stochastic but it’s also still above both the 100 and 200 SMAs.
Similarly to USDCAD, the potential target for buyers of EURCAD would be the latest high, here around $1.50. That’s likely to be an extremely strong psychological area which almost certainly won’t be broken unless there’s a notable surprise from the ECB’s meeting on Thursday 14 December, Canadian inflation on 19 December or other major new information reaching markets.
Similarly to USDCAD, the potential target for buyers of EURCAD would be the latest high, here around $1.50. That’s likely to be an extremely strong psychological area which almost certainly won’t be broken unless there’s a notable surprise from the ECB’s meeting on Thursday 14 December, Canadian inflation on 19 December or other major new information reaching markets.