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EUR/CAD tests weekly highs near 1.4800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Canadian dollar is trading on the defensive side vs. the European currency on Wednesday, lifting EUR/CAD to weekly tops near 1.4800 the figure.

    EUR/CAD attention to BoC, Poloz

    The poor performance of crude oil prices today is collaborating with the offered tone around the Canadian dollar, which keeps losing ground against its main rivals ahead of the BoC monetary policy meeting and subsequent press conference by Governor S.Poloz.

    Renewed selling pressure around CAD has given extra wings to the cross, currently snapping a negative 3-week streak and managing to retake the 1.48 handle at the same time.

    EUR/CAD levels to watch

    At the moment the cross is advancing 0.39% at 1.4786 facing the next resistance at 1.4882 (downtrend from 1.5566) followed by 1.4961 (23.6% Fibo of 1.3016-1.5560) and finally 1.5162 (high Sep.28). On the other hand, a breach of 1.4589 (38.2% Fibo of 1.3016-1.5560) would expose 1.4462 (100-day sma) and then 1.4289 (50% Fibo of 1.3016-1.5560).
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