FxWirewPro:EUR/CAD trades lower on strong oil price, good to sell on rallies
Major resistance- 1.4820 (200 day MA) Major support – 1.4600 EUR/CAD has declined after making a high of 1.48249 (9th May 2016).It is currently trading around 1.46632. Canadian dollar has gained against all major pair’s …
EUR/CAD has declined after making a high of 1.48249 (9th May 2016).It is currently trading around 1.46632.
Canadian dollar has gained against all major pair’s yesterday as Crude oil hits new 2016 high.
WTI crude has jumped 3.5% yesterday and settled at $46.23 as inventory data showed a surprise drop in domestic crude stockpiles.
Short term trend is slightly weak as long as 1.4765 (11th May high) holds. Any indicative break above 1.4765 will take the EUR/CAD till 1.4825/1.4870.The minor resistance is around 1.4680/1.4725.
On the lower side any break below 1.4600 will drag the pair till 1.4500/1.4450.
It is good to sell on rallies around 1.4675-1.4680 with SL around 1.4765 for the TP of 1.4500/1.4450
