EUR/CAD Bounces From Demand Zone

The Canadian dollar slipped after the unemployment rate rose to 8.2% in May.

The euro has so far been capped by the 30-day moving average on the daily chart.


From an intraday point of view, the pair has established a support base around 1.4640-1.4660, after a lengthy consolidation. The sellers’ struggle to reach lower could be a sign of exhaustion, which may attract early buyers in the hope of a reversal.


A rally above 1.4750 could challenge the major supply area at 1.4820.


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