- EUR/CAD bias bullish after breakout above 50-DMA at 1.4123 on Jan 19th trade.
- The pair is on track to test 100-DMA at 1.4387, bullish invalidation only on close below 50-DMA.
- Technical studies support upside in the pair. RSI strong at 65, bullish crossover on MACD and ADX points north in support of trend.
- Breakout above 100-DMA could see test of 200-DMA at 1.4445 and then 1.4680 (Apr 18 high)
- Support levels - 1.4160 (5-DMA), 1.4109 (50-DMA), 1.4053 (20-DMA)
- Resistance levels - 1.4387 (100-DMA), 1.4445 (200-DMA), 1.4755 (Nov 11 high)
Recommendation: Good to go long on dips around 1.4275, SL: 1.41, TP: 1.4387/ 1.4445/ 1.45
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 51.052(Neutral), while Hourly CAD Spot Index was at -91.5802 (Bearish) at 0625 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
