EUR/CAD offered at hourly 200-MA after Canada data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/CAD pair was offered at the hourly 200-MA at 1.4245 after the Bank of Canada’s (BOC) core inflation was reported higher than estimates.

    CAD cheers inflation, ignores retail sales

    The pair dropped to hourly 100-MA at 1.4217 as the uptick in the BOC’s core inflation overshadowed the weaker-than-expected retail sales. The markets believe the BOC has little reason to turn more dovish in the wake of a rise in inflation.

    However, the losses in the EUR/CAD cross are being restricted by the recovery in the EUR/USD pair to 1.07 levels.

    EUR/CAD Technical Levels

    The immediate support is seen at 1.42 handle, under which the losses could be extended to 1.4143 (previous day’s low) and 1.4115 (200-DMA). On the other side, resistance is seen at 1.4245 (hourly 200-MA) and 1.4280 (previous day’s high).
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