The price of EURCAD bounced from a weekly support zone last week after a long period of consolidation. The current bearish trend is coming to an end as price went into a consolidation phase on the daily timeframe at weekly support level.
The support zone at 1.46000 - 1.47000 area held price for a while before it bounced to 1.48000 area. EURCAD is likely to rise back to 1.51000 in the coming weeks as the strength of the Canadian Dollar gets weak.
There will be BOC (Bank of Canada) Monetary Policy report and Rate Statement on Wednesday. These are high impact news and can cause high volatility in the market.
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