FxWirePro: EUR/CAD breaks strong trendline resistance at 1.5225, good to stay long on dips

EUR/CAD chart on Trading View used for analysis

• EUR/CAD has broken strong trendline resistance at 1.5225, bias higher.
   
• NAFTA uncertainty, coupled with a sharp retracement in crude oil prices further weighed on the commodity-linked currency - Loonie 
   
• Today's key event risk - the latest BoC monetary policy update, due to be announced later during the early North-American session.
   
• Technical picture confirms upside after a bullish break at strong trendline resistance at 1.5225.
   
• Scope for test of 200-DMA at 1.5358. Breakout at 200-DMA could see further upside.

Support levels - 1.5225 (Trendline support), 1.5203 (5-DMA), 1.5137 (21-EMA)

Resistance levels - 1.5316 (38.2% Fib), 1.5358 (200-DMA), 1.54

Recommendation: Good to stay long on dips, SL: 1.5138, TP: 1.5315/ 1.5360/ 1.54

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -32.9275 (Neutral), while Hourly CAD Spot Index was at 27.0931 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.