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Refer EUR/CAD chart on Trading View
- The single currency is extending weakness ahead of German IFO business climate data.
- EUR/CAD is trading 0.17% lower at 1.5110 at the time of writing.
- The pair is holding above strong support at 21-EMA at 1.5086, break below will see further weakness.
- On the weekly charts, the pair has edged higher with hammer formation at lows.
- However, the pair has been struggling to break past 55W EMA at 1.5172.
- Focus on German IFO business climate for August. Expectations are for German IFO business climate to arrive at 102.0 versus 101.7 previous. Upbeat data could stall downside.
Support levels - 1.5086 (21-EMA), 1.50, 1.4917 (May 30 low)
Resistance levels - 1.5172 (55W EMA), 1.52, 1.5241 (21W EMA)
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 61.3894 (Neutral), while Hourly CAD Spot Index was at -7.07165 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
