FxWirePro: EUR/CAD faces stiff resistance at 1.4655, good to go long on break above
Wednesday, August 24, 2016 7:14 AM UTC
- Euro weaker across board, after the German GDP second reading confirmed slowdown.
- CAD under pressure from falling oil prices.
- US crude oil stockpiles up by nearly 4.5 million barrels during last week, yesterday’s API report by API data showed.
- EUR/CAD 0.13 pct higher on the day, currently trading at 1.4613.
- The pair finds stiff resistance at 1.4665 (falling trendline), break above to see gains upto 1.4733 (Aug 3rd high).
- 20-DMA at 1.4560 is strong support on the downside, break below could see weakness upto 1.4433.