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EUR/CAD offered above 1.49 ahead of ECB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/CAD pair ran into offers at a high of 1.4908 in Asia to trade weaker as investors ditch common currency in anticipation of dovish ECB.

    Trades above 50-DMA

    The pair still sits well above its 50-DMA located at 1.4835 levels. The investors were scared out of CAD in NY session by the Bank of Canada’s downward revision of its GDP forecast. This pushed the EUR/CAD pair to a high of 1.4908.

    However, the shared currency slowly trimming gains as investors anticipate the ECB to jawbone the EUR via dovish talk.

    EUR/CAD Technical Levels

    At 1.4870, the immediate support is seen at 1.4835, under which the pair could target its 10-DMA at 1.4767 levels. On the other side, resistance is seen at 1.4962 (23.6% of 1.3023-1.5560) and 1.50 levels. A break above 1.5 would expose 1.5158 (Sep 29 high).
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