- EUR/CAD has broken major trendline support at 1.4160.
- Downside in the pair has paused just shy of strong support at 1.4024 (Nov 30, 2015 low).
- Violation there see little support till 1.3023 (Apr 13, 2015 low).
- Technical indicators on daily, weekly and monthly charts are bearish.
- Support levels - 1.4027 (session low), 1.4024 (Nov 30, 2015 low), 1.3515 (June 29 week low)
- Resistance levels - 1.4160 (trendline), 1.42 (5-DMA), 1.4230 (Dec 2 high)
Recommendation: Good to sell rallies around 1.4125/50, SL: 1.4360, TP: 1.4025/ 1.40/ 1.3750/ 1.3515
FxWirePro's Hourly EUR Spot Index was at -92.4422(Highly bearish), while Hourly CAD Spot Index was at 53.0895 (Neutral) at 0725 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
