In the ever-changing world of forex trading, market sentiments can sway rapidly, influencing the behaviour of traders. Presently, the sentiment surrounding EURCAD is predominantly bearish, while the Pound is being closely monitored for any signs of short-term weakness. In this article, we will explore the factors driving these market sentiments and offer insights into the current forex landscape.

The EURCAD Performance

EURCAD bearish continuation forming.

EURCAD has retraced 61.8 according to the fib retracement tool. This price action has caused the market to aggressively drop and break below the previous support zones. According to this price action, traders anticipate a further drop back to the 0.0 fib level as there is bearish momentum at the moment. As such, a retest of the resistance zone around 1.46476 will confirm a continuation.

The GBPCHF Performance

(UPDATE) - GBPCHF is forming a bearish continuation pattern.

Not a lot of price action has developed on this pair since the last update however the market is still forming a correction. This comes after an aggressive drop from the top of the channel. This price action indicates that sellers are still in the market and as such, the completion of the correction will cause a further drop.

The GBPJPY Performance 

(UPDATE) - GBPJPY dropped from the top of the structure.

BPJPY seems to have created the 3rd top according to the previous commentary. This price action completes the pattern and usually causes the market to drop. According to this price action and pattern, traders anticipate GBPJPY to start pushing lower. As such, a break and close below the counter-trendline will cause a drop back to the previous support zone around 179.930

Read More: Oil Seems To Be Pushing Through Affecting The CAD

Final Thoughts On Today’s Analysis 

As traders delve into the intricacies of the global financial markets, they are currently expressing a bearish outlook on the EURCAD currency pair. This projection suggests anticipation of the Euro depreciating against the Canadian Dollar. In parallel, traders are closely monitoring the Pound for any signs of short-term weakness, which could present attractive trading prospects.