- EUR/CAD has retraced almost all gains above 200-DMA break.
- The pair has slipped below 5-DMA and is now struggling to hold above 200-DMA currently at 1.4354.
- Break below 200-DMA will see a reversal to the downside, test of 20-DMA at 1.4225 then likely.
- On the hourly charts we see the pair is holding major trendline support at 1.4370.
- Price action on the hourly charts has slipped below Ichi cloud after breaking 100-SMA support.
- Technical on the hourlies, however, do not support further downside for now. Downside momentum is seen fading.
Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-CAD-hovers-around-200-DMA-good-to-go-long-on-break-above-600043) has almost hit TP2.
Price has retraced from near 1.45 levels. We see risk to further upside if the pair breaks below 200-DMA.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -48.4474(Neutral), while Hourly CAD Spot Index was at 87.3413 (Bullish) at 0615 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.