- EUR/CAD retraced from lows of 1.4488 and closed above 20-DMA on Wednesday's trade.
- The pair bounced off Triangle base and has retraced a brief dip below 200-DMA at 1.4526.
- Technical indicators do not provide clear direction, price action extends drift between 50 and 200 day moving averages.
- The pair is trading in a symmetric triangle pattern, breakout of range will provide clear steer to the pair.
- Break below 200-DMA at 1.4530 finds next major support at triangle base at 1.4485.
- The pair finds stiff resistance at 50-DMA at 1.4752, we see upside only on break above.
Support levels - 1.4657 (5-DMA), 1.4631 (20-DMA), 1.4530 (200-DMA), 1.4458 (triangle base), 1.4442 (Sept 14 low)
Resistance levels - 1.4695 (38.2% Fib retrace of 1.3784 to 1.5258 rally), 1.47, 1.4752 (50-DMA)
Recommendation: Watch out for breakout of symmetric triangle for further direction.
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