Traders have been taking an even closer look at oil prices these days!

How will today’s market themes affect EUR/CAD’s short-term range?

Before moving on, ICYMI, yesterday’s watchlist looked at AUD/USD’s descending triangle pattern while traders priced in China’s reopening updates. Be sure to check out if it’s still a valid play!

And now for the headlines that rocked the markets in the last trading sessions:

Fresh Market Headlines & Economic Data:

U.S. durable goods orders rise by 0.7% vs. 0.4% expected in May

U.S. pending home sales unexpectedly break six-month losing streak with a 0.7% in increase in May

Libya’s National Oil Corp might declare force majuere on oil exports Gulf of Sirte

NATO to grow high-readiness forces to 300,000, ‘biggest overhaul’ since Cold War

Asia stocks edge down after Wall Street falls; oil rises

Upcoming Potential Catalysts on the Forex Economic Calendar:

U.S. goods trade balance at 12:30 pm GMT
U.S. CB consumer confidence at 2:00 pm GMT
U.S. Richmond manufacturing index at 2:00 pm GMT
U.K. BRC shop price index at 11:01 pm GMT
Japan’s retail sales at 11:50 pm GMT
AU retail sales at 1:30 am GMT (June 29)

Use our new Currency Heat Map to quickly see a visual overview of the forex market’s price action! 🔥 🗺️

What to Watch: EUR/CAD

EUR/CAD 1-hour Forex Chart

EUR/CAD 1-hour Forex Chart

I don’t see market-changing headlines scheduled today so, unless we see fresh catalysts, it’s likely that U.S. session traders will continue to price in market themes that we’ve been seeing so far this week.

Oil prices, in particular, may take center stage amidst speculations of tightening global supply.

All the all-buying probably helped EUR/CAD dip back closer to its 1.3600 range support on the 1-hour time frame.

Can EUR bears maintain their momentum?

Stochastic is flashing an oversold signal though it hasn’t showed signs of turning higher.

The European Central Bank (ECB) is also hosting a central bank forum this week, which could turn the spotlight on the members’ plans to raise interest rates in the foreseeable future.

If EUR finds support or crude oil prices taper some of their intraweek gains, then EUR/CAD could bounce from the bottom of the range and pop up to the 1.3650 mid-range area.

I also wouldn’t estimate the momentum from the latest candlesticks though!

Worries over decreased oil supply prospects can continue to dominate the markets and drag EUR/CAD below its 1-hour range.

Make sure you’re around to trade a possible bounce or breakout from the support zone!