FxWirePro: EUR/CAD finds strong support at 1.4160, weakness only on break below

• EUR/CAD trades a narrow range in the Asian session, with day's high till now at 1.4235 and low at 1.4201.
   
• The pair finds major trendline support at 1.4160, we see weakness on break below.
   
• On the flipside, breakout above 5-DMA at 1.4256 could see test of 20-DMA at 1.4430.
   
• Support levels - 1.4181 (Apr 28 low), 1.4166 (Nov 28 low), 1.4160 (trendline)
   
• Resistance levels - 1.4256 (5-DMA), 1.43, 1.4317 (Nov 30 high), 1.4393 (Nov 28 high)
   

Recommendation: We prefer to wait for better indication from technical studies.
 

​FxWirePro's Hourly EUR Spot Index was at 49.9349 (Neutral), while Hourly CAD Spot Index was at 103.938 (Highly bullish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex