EUR/CAD chart - Trading View
- EUR/CAD trades 0.33% higher on the day at 1.5060 at 0955 GMT, bias higher.
- The pair is extending bounce off strong trendline support and we see scope for further upside.
- Price action has broken above 20-DMA which was capping upside from the past few sessions.
- Decisive close above will see gains till 200-DMA at 1.5110 ahead of 38.2% Fib at 1.5168.
- Euro largely ignored data released earlier today which showed Germany's inflation rate eased in March on the back of a slowdown in food-price inflation.
- Focus now on Canada New Housing Price Index (NHPI) followed by the speech from Bank of Canada’s (BOC) governing council member Carolyn Wilkins.
- While Canadian NHPI could reimburse earlier -0.1% losses with +0.0% figure during February, recent improvements in Crude prices could help the BOC member to remain hawkish.
Support levels - 1.5058 (20-DMA), 1.5017 (5-DMA), 1.4925 (trendline support)
Resistance levels - 1.5110 (200-DMA), 1.5168 (38.2% Fib), 1.52
Recommendation: Good to stay long on close above 20-DMA, target 1.5110/ 1.5165
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
