FxWirePro: EUR/CAD rejected at 100-DMA, good to go short on rallies

• EUR/CAD slips below 5-DMA after being rejected at 100-DMA in last week's trade.
   
• The pair is trading in 'Symmetric Triangle' pattern, bias has turned bearish.
   
• Stochs have rolled over from near overbought levels and RSI is biased lower.
   
• 20-DMA at 1.47 is strong support on the downside, we see further weakness on break below.
   
• Break below 20-DMA raises scope for test of 200-DMA at 1.4570 and then Triangle base at 1.4525.
   
• On the flipside, break above 100-DMA will see test Triangle top at 1.4970.

Support levels - 1.47 (20-DMA), 1.46, 1.4570 (200-DMA), 1.4525 (Triangle base)

Resistance levels - 1.4753 (5-DMA), 1.4780 (100-DMA), 1.4838 (Oct 11 high), 1.4970 (Triangle top)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -96.3098 (Bearish), while Hourly CAD Spot Index was at -90.9453 (Bearish) at 0950 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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