7 Aug 2013
EUR/CAD skyrockets relentlessly
FXstreet.com (Chicago) - EUR/CAD continued steep climb as it reached 2-year highs to trade above 1.3900 key psychological resistance.
Price action indicated the euro continued to strengthen against a weak Canadian dollar that fell on commodities results and amid investors ‘speculation on Fed’s decisions. The EiA crude oil stocks change dropped to lower-than-expected levels reaching $13.8B vs. previous $17.5B and projected $15.0B. Canada’s dollar is strongly correlated to this commodity’s price equilibrium as well as supply and demand levels.
Technically speaking, the pair was reported as slightly bullish by the FXstreet trend index with supports at 1.3765, 1.3731, and 1.3696 and resistances at 1.3868, 1.3903 and 1.3937. Trading at 1.3900, the price navigated above short and long haul averages with the MACD, CCI and Momentum indicators pointing up.
Price action indicated the euro continued to strengthen against a weak Canadian dollar that fell on commodities results and amid investors ‘speculation on Fed’s decisions. The EiA crude oil stocks change dropped to lower-than-expected levels reaching $13.8B vs. previous $17.5B and projected $15.0B. Canada’s dollar is strongly correlated to this commodity’s price equilibrium as well as supply and demand levels.
Technically speaking, the pair was reported as slightly bullish by the FXstreet trend index with supports at 1.3765, 1.3731, and 1.3696 and resistances at 1.3868, 1.3903 and 1.3937. Trading at 1.3900, the price navigated above short and long haul averages with the MACD, CCI and Momentum indicators pointing up.