EURCAD is still moving inside its range visible on the 4-hour time frame, as price once again got rejected at the resistance. The pair is at the middle of the range and might be setting its sights back on support.

In that case, price still has roughly 150 pips to move south before reaching the next likely floor. The 100 SMA is below the 200 SMA to suggest that the path of least resistance is to the downside, but the moving averages are oscillating to reflect rangebound action.

Stochastic is already indicating oversold conditions or exhaustion among sellers, so turning higher would mean that buyers are ready to return.

RSI has some room to move south but is nearing the oversold conditions to reflect a slowdown in selling pressure. Turning higher would confirm that bullish momentum is picking up and could spur another test of resistance.

There are no major reports due from both the eurozone and Canada today, but ECB head Lagarde has a speech coming up that might be worth keeping tabs on. Recall that central bank heads have been admonished for not doing enough to combat inflation.

Any confirmation that the ECB is ready to hike in July might mean some upside for the shared currency while comments downplaying this move could spur losses.

As for the Canadian dollar, the OPEC meeting might spur some volatility if the cartel agrees on more measures to keep crude oil gains in check. Keep in mind, however, that the group already decided to increase production targets earlier on, but a handful of member nations have been struggling to reach these goals.

The EIA inventory reports are also lined up, and large reductions in stockpiles might mean some upside for the commodity. On the other hand, a surprise build would signal that demand remains feeble.