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EUR/CAD challenges 1.5300 on CAD data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is now picking up further pace, sending EUR/CAD to test the 1.5300 key support.

    EUR/CAD lower on oil, data

    The current rally in crude oil prices remain the exclusive driver sustaining CAD’s upside momentum, sending the cross to its third consecutive session with losses after recent cycle peaks just above 1.6100 the figure.

    Collaborating with the solid demand for CAD, Canadian Retail Sales have come in on the stronger side, up 1.7% during November vs. a forecasted 0.2% advance. On the not so bright side, headline CPI rose at an annual pace of 1.6%, while BoC’s Core CPI advanced 1.9% on a year to December, both prints coming in below expectations.

    EUR/CAD levels to consider

    At the moment the cross is losing 1.57% at 1.5304 facing the next support at 1.4946 (low Jan.4) followed by 1.4889 (55-day sma) and finally 1.4819 (100-day sma). On the other hand, a breakout of 1.5989 (high Jan.18) would open the door to 1.6102 (high Jan.20) and then 1.6328 (monthly high June 2009).
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