EUR/CAD hits multi-week lows at 1.4677, bears look relentless, scope for further downside.
- The pair is being taken down with high volumes, 1.450 next bear target, further downside to see 1.44 levels.
- Oil prices are seeing a decent recovery from Feb 11th lows of 26.03 and are currently trading at 34.19 levels.
- The recovery in oil is likely to keep Loonie supported raising scope for further downside in the EUR/CAD.
- Immediate resistance on the upside is seen at 1.4830 (5-DMA) and then at 1.5022 (10-DMA).
Recommendation: Sell any rallies in the pair, SL: 1.50, TP: 1.450/ 1.44/ 1.4340
