With the results of the first survey of the election in the US, on the night of Tuesday to Wednesday we observed a strong depreciation of the Canadian dollar relative to the Euro which resulted in that pair EURCAD recorded a growth of close to 700 pips.
After the announcement of the official results and the speech of the new president – Donald Trump, who calmed saying that he intends to be the president of all Americans and called for help, and joint activities not only his supporters but also opponents, the markets very quickly accepted this information as a result of which the situation began to stabilize by what we saw was dynamic drop, due to which the currency pair EURCAD returned to the levels before the elections.
Looking at the chart H4, we could say that really, the elections have now no irrelevant impact on this pair because everything is ‘back to normal’.
To determine the projected future direction it is worth to look at the daily interval, where despite ongoing for more than eight months consolidation the market has created a massive, bearish candle doji and soon we expect we could continue the ongoing from the beginning of the week declines caused by the rejection of the upper limit of the box.
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