EUR/CAD Signals Bearish Trend As Euro Faces Economic Pressure

The EUR/CAD pair is displaying a compelling technical setup, with a 78.6% retracement and lower highs combined with pivot point resistance providing triple confirmation of an impending depreciation of the Euro against the Canadian Dollar. The European Central Bank (ECB) is currently grappling with challenges as the conflict in Ukraine and disrupted energy trade with Russia have contributed to soaring inflation, leaving consumers feeling the strain. Unfortunately, there seem to be no immediate solutions in sight, and additional interest rate hikes could exacerbate the financial burden on consumers. In light of these factors, the Canadian Dollar is expected to strengthen against the Euro in the upcoming weeks.

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