FxWirePro: EUR/CAD on track to test 100-DMA at 1.5445, good to go short on rallies

• EUR/CAD is extending weakness for 4th straight week. Momentum still with the bears.
   
• Price has hit 8-week lows and technical studies point to further weakness in the pair. 
   
• Weekly charts have turned bearish. RSI and Stochs have rolled over from overbought levels.
   
• The major is currently hovering around 38.2% Fib at 1.55, break below finds next major support at 100-DMA at 1.5445. 
   
• Violation at 100-DMA will see further weakness. Scope then for test of 200-DMA at 1.5110.
   
• On the flipside, we see bearish invalidation on retrace above 50-DMA at 1.5739.

Support levels - 1.5445 (100-DMA), 1.54, 1.5220 (Jan 29 low), 1.51 (converged 200-DMA and 61.8% Fib)

Resistance levels - 1.5556 (5-DMA), 1.5739 (50-DMA), 1.5750 (23.6% Fib)

Recommendation: Good to go short on rallies around 1.5520/40, SL: 1.5650, TP: 1.5445/ 1.54/ 1.5220/ 1.51

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -55.6259 (Neutral), while Hourly CAD Spot Index was at 75.2758 (Neutral) at 0920 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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