The EUR/CAD cross struggles to rebound from three consecutive days of losses, trading around the 1.4810 mark during the Asian hours on Wednesday.
EUR/CAD may find immediate support at the psychological level of 1.4800. The 14-day RSI signals sustained bearish momentum as it remains slightly above the 30 level. The pair may explore the area around a “pullback resistance” at the 1.4870 level. A technical analysis of a daily chart indicates a strong bearish momentum, with indicators suggesting that sellers are still firmly in control of the market.
In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD . 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.
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