EUR/CAD To Edge Lower

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European markets are being buoyed by positive news from the four worst-hit EU countries showing the rate of new coronavirus infections and deaths is slowing on the continent. Officials are encouraged by this news as it proves that their efforts against the virus are seemingly showing a positive impact and that the recently imposed limitations in public life should still remain in place.

This has attracted some traction for the EUR but as the economy gradually recovers so does the demand for oil. With China now reigniting its economy, oil prices will edge higher and we could see the CAD strengthening further so we sold EUR/CAD last week at 1.5270 with SL at 1.5740 and TP at 1.4900.

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