EUR/CAD chart - Trading View
- EUR/CAD is extending choppy trade along 21-EMA, bias is bearish. Surging oil prices support Canadian dollar higher, weighing on EUR/CAD.
- Price action is extending decline after failure to break above Triangle Top and 200-DMA resistance.
- Recovery lacks traction, upside struggles at 55-EMA (currently at 1.5059).
- RSI is biased lower, slips below 50 mark. StochsRSI rolling over from overbought zone.
- Cloud also offers stiff resistance, scope for weakness till 1.49, further weakness only on break below.
- On the flipside, 21-EMA is immediate resistance at 1.5043, break above 200-DMA negates bearishness.
- Focus now on Bank of Canada monetary policy decision on Wednesday for further impetus.
Support levels - 1.4971 (Apr 9th lows), 1.49 (trendline), 1.4876 (Feb 25 low)
Resistance levels - 1.5043 (21-EMA), 1.5098 (200-DMA), 1.5130 (Trendline)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-CAD-Trade-Idea-1527602) is progressing well.
Recommendation: Stay short for targets.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
