The Canadian dollar was the best performer this quarter while the euro lagged.
The rally in the loonie was more of a bounce after a rough start to the year while the euro under-performance was the result of dovish moves from the ECB.
The move lower in the pair began in late March but really picked up steam on May 8 when the 100-day moving average broke for the first time in a year. The daily chart illustrates why you should sell a break rather than trying to pick a bottom or wait for a bounce.
EURCAD daily
Here’s what we wrote at the time.
In the larger technical picture, EUR/CAD doesn’t look that bad. Even though it was the biggest mover this quarter the fall doesn’t surpass the rally in the previous 3 months. In addition, a solid layer of support near 1.4400 is coming into view.
EURCAD quarterly
