The Week Ahead: Any Color But Green

By Jing Ren of Orbex

Monday, January 11, 2021 6:45 AM EST

EURCAD Nears End of Consolidation

(Click on image to enlarge)

While risk currencies are now mostly under the spotlight, the euro has been inching up steadily. General weakness in the US dollar and its Canadian counterpart have benefited the single currency.

Investors have shrugged off the fact that major European countries went into another lockdown, but put faith in unwavering support from governments and the ECB instead.

There are plenty of support levels on the chart along the 11-month long rally, which would give buyers enough confidence.

1.5400 is the closest one as the price approaches the end of a flag-shaped consolidation. On the upside, 1.5780 is the immediate resistance.

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