- EUR/CAD is extending recovery from fresh 3-week lows at 1.4921, up 0.28% on the day.
- RSI is biased higher and Stochs are showing a turn from near oversold levels.
- The pair has closed above 20-DMA which is now strong support at 1.5066.
- The pair finds strong support on the downside at 50-DMA (1.4910) and then the daily cloud.
- We see weakness only on break below, scope then for test of 1.47 levels (channel base).
- We evidence 'Shooting Star' formation on weekly charts which keeps scope for downside.
Support levels - 1.51, 1.5068 (5-DMA), 1.5066 (20-DMA)
Resistance levels - 1.52, 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 rally)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 12.8089 (Bearish), while Hourly CAD Spot Index was at -116.677 (Neutral) at 0910 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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