EUR/CAD chart - Trading View
- EUR/CAD is extending marginal gains on the day, trading at 1.5086, up 0.08% at 0600 GMT.
- The pair has held support at 50-DMA and we see weakness only on break below.
- Upside remains capped at 5-DMA which is sharply lower and price action is below 200-DMA.
- Further back-to-back Gravestone Dojis on the daily candles suggest selling pressure at highs.
- Focus now on German retail sales data for February scheduled for release at 07:00 GMT to provide direction.
- Germany's retail sales is expected to show the private consumption dropped 0.9 percent month-on-month, following a 3.3 percent rise in January.
- The annualized figure is seen ticking higher to 2.8 percent from 2.6 percent.
- Break below 50-DMA will see dip till 1.4890 (trendline), while break above 5-DMA could see test of 200-DMA.
Support levels - 1.5058 (50-DMA), 1.5028 (cloud base), 1.4890 (trendline)
Resistance levels - 1.5094 (5-DMA), 1.5129 (200-DMA), 1.5168 (38.2% Fib)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
