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EUR/CAD Range-Bound as Loonie Strengthens Amidst Employment Number Uncertainty

Guavy AI Editorial Team
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The EUR/CAD exchange rate has been experiencing range-bound trading, with the Euro initially rallying on Wednesday but then plummeting against the Canadian dollar.

According to Christopher Lewis, a technical analyst at DailyForex, the sell-off in the Euro suggests that the Canadian dollar could continue to strengthen.

The 1.60 level has been support for the EUR/CAD pair in the past, and the stochastic oscillator is getting close to the bottom of the range.

However, Lewis notes that the market may be holding its breath due to upcoming employment numbers from Canada and the US on Friday.

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