- EUR/CAD up 0.14% on the day, hits 12-month high at 1.5267, bias still bullish.
- The pair is extending gains after 'Symmetric Triangle' breakout, momentum studies bullish.
- Break above 61.8% Fib at 1.5218 raises scope for test of 1.5281 (Nov 2016 high).
- 5-DMA at 1.5203 is immediate support, we see minor weakness on break below.
- Wednesday’s upbeat German Prelim CPI report continues to underpin the sentiment around the Euro.
- Focus now on the Eurozone flash CPI report due later today in the EU session.
Support levels - 1.5218 (61.8% Fib retrace of 1.6105 to 1.3783 slide), 1.5203 (5-DMA), 1.5120 (trendline)
Resistance levels - 1.5281 (Nov 2016 high), 1.53, 1.5337 (Feb 22 week high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-extends-Symmetric-Triangle-breakout-good-to-go-long-abov) has hit all targets.
Recommendation: Book partial profits, trail stop loss to 1.5215, hold for 1.5280/ 1.53/ 1.5335.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 46.9974 (Neutral), while Hourly CAD Spot Index was at 31.8928 (Neutral) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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