The EUR/CAD weekly chart suggests a further selloff here. Below the strategic support at 1.4455 the market could gain further momentum to the downside and accelerate towards the 1.4000 area. Recent positive numbers from Canada and a stable interest rate could support this move.
Meanwhile, the EUR is expected to remain subdued as traders will largely seek direction from this Wednesday’s FOMC monetary meeting and Press Conference. With rates set to stay put, all eyes will be on Jay Powell and the clues he might give on future monetary policy. Don’t miss BDSwiss free live FOMC webinar this Wednesday at 18:45 GMT. Watch me trade and analyse the markets live as the event unfolds.