EUR/CAD - the euro has overtaken the Canadian dollar

After the shocking rate cut from the Bank of Canada earlier this week, the euro has successfully overtaken the Canadian dollar. The massive emergency rate cut from the BoC paralleled the earlier rate cut from the United States Federal Reserve, pressuring the beloved loonie in trading sessions. Bulls are looking to force the pair upwards in the foreign exchange trading, leaving to projections about the EURCAD pair reaching its resistance by the halfway point of the month. Yesterday, the Bank of Canada slashed its official interest rate by 0.5-point basis, easing it from 1.75% to just 1.25% to counter the effect of the novel coronavirus to the Canadian economy. Perhaps the recent contractions reported from the economies of the eurozone caused the pair to slow down in today’s trading. Nevertheless, a bullish fate awaits the pair ahead as the Bank of Canada’s recent rate cut strains the strength of the Canadian dollar.