EUR/CAD flirting with highs near 1.4630

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The increasing selling interest around the Canadian dollar is lifting EUR/CAD to test fresh peaks in the 1.4625/30 band so far.

    EUR/CAD stronger on oil

    Another slump in crude oil prices is punishing the Canadian dollar so far, boosting the cross to test 3-day peaks near 1.4630 and extending the bounce off last week’s 2-month around 1.4440.

    Ahead in the session, the speech by BoC Deputy Governor T.Lane will be the main event for the cross, preceding Friday’s release of the Canadian GDP figures during August.

    EUR/CAD significant levels

    As of writing, the cross is gaining 0.45% at 1.4607 facing the next up barrier at 1.4808 (55-day sma) followed by 1.4912 (high Oct.21) and finally 1.4961 (23.6% Fibo of 1.3015-1.5562). On the other hand, a breach of 1.4495 (100-day sma) would open the door to 1.4440 (low Oct.23) and then 1.4289 (50% Fibo of 1.3015-1.5562).
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