- EUR/CAD is trading in a narrow range, finds strong support at 20-DMA (1.4627).
- The pair retraced brief dip below 200-DMA, has bounced off Triangle base, bias higher.
- The pair is trading in a symmetric triangle pattern and technical indicators are slightly bullish.
- Price action extends drift between 50 and 200 day moving averages, breakout above 50-DMA could see test of triangle top at 1.50.
- Break below 200-DMA at 1.4534 finds next major support at triangle base at 1.4485.
- The pair finds stiff resistance at 50-DMA at 1.4752, we see upside only on break above.
Support levels - 1.4635 (5-DMA), 1.4627 (20-DMA), 1.4534 (200-DMA), 1.4485 (triangle base), 1.4442 (Sept 14 low)
Resistance levels - 1.4695 (38.2% Fib retrace of 1.3784 to 1.5258 rally), 1.47, 1.4752 (50-DMA)
Recommendation: Watch out for breakout above 50-DMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 99.9869(Bullish), while Hourly CAD Spot Index was at -86.2343 (Bearish) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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