FxWirePro: EUR/CAD holds support at 50-day MA, focus on German retail sales data

EUR/CAD chart - Trading View 

• EUR/CAD is extending marginal gains on the day, trading at 1.5086, up 0.08% at 0600 GMT.
   
• The pair has held support at 50-DMA and we see weakness only on break below.
   
• Upside remains capped at 5-DMA which is sharply lower and price action is below 200-DMA.
   
• Further back-to-back Gravestone Dojis on the daily candles suggest selling pressure at highs.
   
• Focus now on German retail sales data for February scheduled for release at 07:00 GMT to provide direction.
   
• Germany's retail sales is expected to show the private consumption dropped 0.9 percent month-on-month, following a 3.3 percent rise in January. 
   
• The annualized figure is seen ticking higher to 2.8 percent from 2.6 percent.
   
• Break below 50-DMA will see dip till 1.4890 (trendline), while break above 5-DMA could see test of 200-DMA.

Support levels - 1.5058 (50-DMA), 1.5028 (cloud base), 1.4890 (trendline)

Resistance levels - 1.5094 (5-DMA), 1.5129 (200-DMA), 1.5168 (38.2% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.