EUR/CAD chart - Trading View
- EUR/CAD extends weakness for the 2nd straight week, bias bearish.
- The pair finds major trendline support at 1.49 and break below will confirm further downside.
- Price action is rangebound on the day at 1.4917 at 0625 GMT.
- Technical studies are biased lower. Stochs and RSI show momentum is with the bears.
- Price action is below cloud and major moving averages and break below 1.49 targets 88.6% Fib at 1.4855 and then 200W SMA at 1.4826.
- Immediate resistance lies at 5-DMA at 1.4991. Break above could see minor gains.
Support levels - 1.49 (trendline), 1.4855 (88.6% Fib), 1.4826 (200W SMA)
Resistance levels - 1.4963 (78.6% Fib), 1.4991 (5-DMA), 1.50
Recommendation: Good to go short o break below 1.49, SL: 1.4970, TP: 1.4855/ 1.4825/ 1.4755
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
