- EUR/CAD extends drift between 50 and 200 day moving averages, breakout will provide clear steer to the pair.
- The pair is trading in a symmetric triangle pattern, intraday bias bearish.
- The pair is trading in a narrow range today after previous day's slump, holds above 200-DMA at 1.4526.
- Break below 200-DMA at 1.4526 finds next major support at triangle base at 1.4485. Triangle breakout will provide clear direction.
- The pair finds stiff resistance at 50-DMA at 1.4750, we see upside only on break above.
Support levels - 1.4526 (200-DMA), 1.4458 (triangle base), 1.4442 (Sept 14 low)
Resistance levels - 1.4642 (5-DMA), 1.47, 1.4749 (50-DMA)
Recommendation: Watch out for breakout of symmetric triangle for further direction.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -68.6954 (Neutral), while Hourly CAD Spot Index was at 71.1128 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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