The EUR/CAD pair discovers temporary support near the round-level support of 1.4800 in European trading hours on Wednesday.
EUR/CAD gauges a temporary cushion near 1.4800, however, more downside looks likely. The ECB is expected to reach a neutral rate by the first half of 2025. Investors expect the BoC to cut interest rates by 50 bps in December. The asset finds an interim cushion. However, the downside bias remains intact as US President-elected Donald Trump’s tariff policies are expected to result in a trade war between the Eurozone and the United States administration.
What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.
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