FxWirePro: EUR/CAD attempts recovery from 1-month low, bias lower, good to sell rallies

• EUR/CAD hit fresh 1-month lows of 1.4317 on Wednesday.
   
• The pair is attempting a fragile recovery on the day, but upside lacks traction.
   
• Technical studies are bearish, we see scope for further downside.
   
• Major support levels - 1.4317 (Nov 16 low), 1.4264 (Oct 19 low), 1.4248 (June 24 low)
   
• Major resistance levels - 1.4450 (Nov 16 high), 1.4482 (5-DMA), 1.45
   
• Eurozone inflation data due later in the European session likely to impact further direction in the pair. 
   

Recommendation : Good to go short on rallies around 1.44, SL: 1.4485, TP: 1.4320/ 1.43/ 1.4260

FxWirePro's Hourly EUR Spot Index was at 8.88321 (Neutral), while Hourly CAD Spot Index was at 86.8759 (Slightly bullish) at 0845 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex