- The single currency supported by better-than-expected flash Euro-zone PMI prints for September.
- ECB President Mario Draghi refrained from commenting anything on the monetary policy and the recent Euro strength, providing further boost.
- Oil prices little changed as markets focus on OPEC/ non-OPEC meeting for clues on further production cuts.
- EUR/CAD has bounced off from weekly 200-SMA which is strong support at 1.4507.
- Price action currently hovers around 50-DMA (1.4747) which is offering stiff resistance.
- Breakout above could see follow through gains and test of next major resistance at 1.4823 (weekly 20-SMA).
- On the flipside, close below 20-DMA at 1.4694 could see minor weakness.
Support levels - 1.4703 (5-DMA), 1.4693 (20-DMA), 1.4634 (23.6% Fib of 1.5258 to 1442)
Resistance levels - 1.4747 (50-DMA), 1.4812 (Sept 6 highs), 1.4834 (100-DMA), 1.4946 (61.8% Fib retrace of 1.52580 to 1.44422 fall), 1.5020 (trendline)
Recommendation: Watch out for break above 50-DMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 98.5704 (Bullish), while Hourly CAD Spot Index was at -14.4414 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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