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- EUR/CAD holds 20-DMA support, we see weakness on break below.
- OPEC supply cut extension has disappointed the oil market, CAD dented as oil slips lower.
- The Canadian dollar supported by BoC positive statements post meeting where it held rates unchanged overnight.
- Brent oil regained bid tone as OPEC disappointment-led slide stalls. EUR/CAD muted on the day, reversing slightly from Thursday's high.
- Draghi's comments keep pressure on the euro, keeping potential for drag lower.
- EUR/CAD remains capped below 61.8% Fibo 1.6105 to 1.3784 fall at 1.5218. Upside only on break above.
- Further, price action is showing a bearish divergence from RSI and Stochs which adds to the downside bias.
Support levels - 1.51, 1.5026 (20-DMA), 1.4944 (50% Fibo 1.6105 to 1.3784 fall), 1.49, 1.4823 (May 10 low)
Resistance levels - 1.5142 (May 24 high), 1.5218 (61.8% Fib), 1.5281 (Nov 9 high)
Recommendation: Watch out for break below 20-DMA to go short.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 18.555 (Neutral), while Hourly CAD Spot Index was at -75.846 (Bearish) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
