EURCAD: Testing Strong Resistance Before FED & ECB Decisions
The EURCAD currency pair has been in an uptrend recently, but price has faced resistance and has failed to break through it. As traders, it’s important to keep a close eye on key levels, such as the trendline and the dotted support line, to determine the next potential move in the market.
With the upcoming Federal Reserve rate decision, traders are advised to wait before entering any new positions. The Federal Reserve is widely expected to make an announcement on monetary policy , which could impact the EURCAD and other currency pairs.
It’s also important to note that the European Central Bank is scheduled to announce its monetary policy decision just a day after the Federal Reserve , which could also have a significant impact on the EURCAD . This means that traders should be extra cautious and manage their positions carefully after the Federal Reserve rate decision.
In conclusion, the EURCAD is in an uncertain state and traders should wait for the outcome of the Federal Reserve and ECB rate decisions before making any new moves. Stay vigilant, stay informed, and good luck in your trading endeavors!