In today's technical analysis, let's focus on Euro to Canadian Dollar (EUR/CAD), a pair that is less likely to be heavily influenced by today's US job data. While some volatility might arise during the release, EUR/CAD isn't strongly correlated with the US dollar, making it a more stable option amidst the potential turbulence.
What we have seen so far this week is a significant drop in the first half, followed by a bounce, which could indicate a potential buy signal. The price has bounced off the key horizontal support level at 1.49, which also acts as a psychological barrier. Over the past two days, there was a notable dip below this support, but today the pair is showing signs of recovery. This bounce appears solid, and if the price manages to close the week at higher levels, it could offer a long-term buying opportunity.
The alternative view, however, is that if the price breaks through the 1.49 support and closes the week below it, we could see a bearish continuation, signaling a sell. For now, the bullish scenario seems more probable given the current price action and support holding firm.