Instrument: EURCAD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1.49411 with take profit at 1.49622.
Bearish Preference:
Sell position is envisaged if price trades below 1.48892 with take profit at 1.48688.
Fundamentals:
No major fundamental
Comment: The Canadian Dollar’s stance against the Euro seems relatively more neutral. EUR/CAD remains above falling resistance from the end of last year but has struggled to set higher highs as of late. That is where the 200-day SMA may come into focus. Keep a close eye on this line in the event prices attempt to push higher again. A breakout above the SMA could open the door to a material turn higher in the pair, reversing losses since the beginning of this year. Downtrend resumption entails a close under the 1.4631 – 1.4583 support zone.
Analysis: SCRUM Team