FxWirePro: EUR/CAD sees minor support by cloud top at 1.4491, breaks below to see further weakness

EUR/CAD extends weakness to hit new multi-week lows at 1.4529 on Tuesday, bears look relentless, scope for further downside.

• The pair is being taken down with high volumes, 1.450 next bear target, further downside to see 1.44 levels.
   
• Oil prices are seeing a decent recovery from Feb 11th lows of 26.03 and are currently trading at 33.98 levels.
   
• The recovery in oil is likely to keep Loonie supported raising scope for further downside in the EUR/CAD.
   
• The pair sees minor support at 1.4491 (cloud top), breaks below will see further weakness.
   
• Immediate resistance on the upside is seen at 1.4708 (5-DMA) and then at 1.4750 (March 1st high) and then 1.4948 (10-DMA).
   
• Our earlier call (http://www.econotimes.com/FxWirePro-Recovery-in-oil-prices-to-keep-CAD-supported-good-to-sell-EUR-CAD-rallies-170339) is progressing. 
   
• Recommendation: Hold for targets