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Fredag Aug 22 2025 08:10
2 min
The Euro is struggling against the Canadian Dollar on Friday, with technical analysis suggesting a potential trend reversal near its year-to-date highs. Having failed to break above the 1.6190 level for the second consecutive time, the Euro faces additional pressure from weak German economic data.
The chart patterns indicate that EUR/CAD might be forming a double top around the 1.6190 level, a common pattern suggesting a potential trend reversal. This idea is supported by the bearish divergence in the 4-Hour RSI and the break of the ascending trendline.
So far, bears are finding support above the August 20 low, at 1.6125, with a key support looming at the 1.6070-1.6080 area. This level meets the August 14 and 19 lows and the neckline of the aforementioned double top pattern. The figure’s measured target is coincident with the August 11 low, at 1.5975.
On the flip side, the Euro needs to regain a reverse trendline, now at 1.6155, which is holding bulls so far on Friday, before aiming for a retest of the August 17 and 21 highs of 1.6190. Beyond here, the 127.2 Fibonacci retracement of the late-July bearish cycle, at 1.6225, is a plausible target.
On the fundamental front, the cautious market is weighing both currencies against a stronger USD, but the downward revision of the German Q2 GDP seen earlier on Friday is likely to weigh on the Euro. Later today, Canada’s retail sales might help the CAD to extend its recovery.
In summary, the Euro seems to be facing difficulties in maintaining its gains against the Canadian Dollar. Technical signals suggest a potential trend reversal, while economic data from Germany and Canada could influence the pair's movement in the near term. Traders should monitor the key support and resistance levels mentioned above to make informed trading decisions. Please remember this analysis is for informational purposes only and not financial advice.
Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.
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