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EUR/CAD chart on Trading View used for analysis
- EUR/CAD is trading at 1.4960 at 0530 GMT, up 018% at the time of writing.
- The single currency is extending gains ahead of the euro area PMI data.
- The bid tone around Euro could strengthen further if the preliminary German and Eurozone PMI indices for February beat estimates.
- The minutes of the European Central Bank's (ECB) January meeting, also scheduled for release today, are likely to reiterate growth concerns.
- Major trend in the pair is bearish, upside finds stiff resistance at 21-EMA. Break above could see extension of upside.
- On the flipside, the pair finds strong trendline support at 1.4925. Break below required for bearish continuation.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
