EUR/CAD posting highs near 1.4550

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The increasing bid tone around the single currency is pushing EUR/CAD to the upper bound of the range near 1.4550.

    EUR/CAD boosted by data

    The cross has seen its upside intensified after the Canadian GDP has expanded 0.1% from July to August, matching prior surveys. Previously in the euro area, flash core consumer prices for the current month surprised to the upside, advancing 1.0% YoY.

    The cross is closing the week with gains after four consecutive weekly pullbacks, managing to leave behind recent troughs in sub-1.44 levels following the drop in EUR in the wake of the FOMC gathering.

    EUR/CAD relevant levels

    As of writing the cross is advancing 0.41% at 1.4519 facing the next resistance at 1.4671 (high Oct.28) followed by 1.4762 (downtrend from 1.5562) and finally 1.4965 (50% Fibo of 1.5562-1.4370). On the flip side, a breakdown of 1.4370 (low Oct.28) would aim for 1.4121 (200-day sma) and then 1.3514 (low Jun.29).
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