22 Jan 2015
EUR/CAD back below 200-DMA
FXStreet (Mumbai) - The EUR/CAD fell below the 200-DMA located at 1.4325 levels, after posting one of the biggest single day gains yesterday.
The pair traded 0.07% lower at 1.4317 levels at the time of writing. The single currency has come under pressure ahead of the European Central Bank (ECB) meet. As per Reuters poll, money market traders expect the ECB to announce a EUR 60 billion QE program today. However, the losses in the EUR/CAD have been capped as the Canadian dollar continues to struggle on account of an unexpected interest rate cut announced by the Bank of Canada yesterday.
EUR/CAD Technical Levels
The immediate support is seen at 1.4289, under which losses could be extended to 1.4125 levels. Meanwhile, resistance is seen at 1.4325 (200-DMA) and 1.4355 levels.
The pair traded 0.07% lower at 1.4317 levels at the time of writing. The single currency has come under pressure ahead of the European Central Bank (ECB) meet. As per Reuters poll, money market traders expect the ECB to announce a EUR 60 billion QE program today. However, the losses in the EUR/CAD have been capped as the Canadian dollar continues to struggle on account of an unexpected interest rate cut announced by the Bank of Canada yesterday.
EUR/CAD Technical Levels
The immediate support is seen at 1.4289, under which losses could be extended to 1.4125 levels. Meanwhile, resistance is seen at 1.4325 (200-DMA) and 1.4355 levels.