- Bid tone around CAD strengthened in Asia as oil recovers losses at both the sides of the Atlantic.
- ECB Chief Draghi was speaking at the European Parliament, and his noting of subdued inflation dynamics and willingness to provide more stimulus added a downside bias to the EUR.
- EUR/CAD slumped overnight and is holding at lows near 1.44 handle, intraday bias remains lower.
- The pair finds major trendline support at 1.4393, break below likely to see test of 1.4345 and then 1.4325.
- Upside capped below 50-DMA at 1.4515, further gains only above 1.4417 (major trendline resistance). Break above could see test of 1.4445 and then 1.4457 levels.
Recommendation: Good to go short on break below 1.4390, SL: 1.4430, TP: 1.4345/ 1.4325
