EUR/CAD is trading a narrow range on the day, 1.4584/1.4545, after a huge slump on Wednesday post BoC policy decision.
- The pair finds strong support at 1.4545 levels, break below could take it lower.
- Immediate resistance on the upside is seen at 1.4629 (5-DMA) and then at 1.4645 (10-DMA).
- On the downside supports are seen at 1.4545 (trendline), 1.4509 (Dec 7th lows) and then 1.4483 (Dec 4th lows).
- We had advised a short call on the pair (http://www.econotimes.com/FxWirePro-Recovery-in-oil-prices-to-keep-CAD-supported-good-to-sell-EUR-CAD-rallies-170339).
Recommendation: Hold for targets.
