19 Feb 2015
EUR/CAD rises above 38.2% Fib level, trades at 1.4227
FXStreet (Mumbai) - The EUR/CAD pair rose above the 38.2% retracement of 1.3751-1.4488 located at 1.4206 after having bounced-off from the 10-DMA located at 1.4198 levels.
CAD weakens as crude declines
The Canadian dollar fell, tracking a more than 3% fall seen in the WTI Crude futures. Moreover, the USD/CAD pair inched higher in the previous session despite of the dovish Fed minutes. On the other hand, the EUR/USD pair recovered more than 50-pips to trade well above 1.14 levels. The shared currency remains well supported on hopes of Greek debt deal and dovish Fed minutes. Consequently, the EUR/CAD pair inched higher by 0.28% to 1.4232 levels.
EUR/CAD Technical Levels
The immediate resistance is seen at 1.4235, above which gains could be extended to 1.4261 (200-DMA). On the flip side, support is seen at 1.4206 and 1.4145 (100-DMA) levels.
CAD weakens as crude declines
The Canadian dollar fell, tracking a more than 3% fall seen in the WTI Crude futures. Moreover, the USD/CAD pair inched higher in the previous session despite of the dovish Fed minutes. On the other hand, the EUR/USD pair recovered more than 50-pips to trade well above 1.14 levels. The shared currency remains well supported on hopes of Greek debt deal and dovish Fed minutes. Consequently, the EUR/CAD pair inched higher by 0.28% to 1.4232 levels.
EUR/CAD Technical Levels
The immediate resistance is seen at 1.4235, above which gains could be extended to 1.4261 (200-DMA). On the flip side, support is seen at 1.4206 and 1.4145 (100-DMA) levels.