EUR/CAD rebounds from 1.4190

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The offered tone in the common currency has pushed EUR/CAD to test multi-month lows in the 1.4190 area, just to rebound afterwards back above 1.4200.

    EUR/CAD in 4-month lows

    The cross has dipped to levels last traded in early July below the 1.4200 mark following the downbeat sentiment dominating EUR during the first half if the week.

    The possibility of further easing by the ECB at its December meeting keeps lingering over the global markets and driving the mood around the cross, which has fallen uninterruptedly since August’s tops near 1.5600 the figure.

    EUR/CAD levels to consider

    As of writing the cross is retreating 0.555 at 1.4206 and a breach of 1.4118 (200-day sma) would expose 1.4000 (psychological level) and finally 1.3988 (61.8% Fibo of 1.3015-1.5562). On the other hand, the next resistance lines up at 1.4532 (100-day sma) ahead of 1.4680 (downtrend from 1.5562) and then 1.5167 (high Sep.29).
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