EUR/CAD: November low at 1.4165 at risk – Scotiabank

EUR/CAD’s weak tone is extending towards the late November low (lowest since 2017) at 1.4165. A break below here would open up the 1.37/38 region, economists at Scotiabank report.

Key resistance aligns at 1.4615

“We note that technical trend (DMI) oscillators are aligned bearishly for the EUR at this point across the intraday, daily and weekly signals, suggesting limited scope for counter-trend EUR corrections (higher) and ongoing pressure on the downside for the cross.”

“A retest of 1.4165 seems just a matter of time and we continue to see downside risks extending towards 1.37/1.38 (at least) on a break below this point.”

“EUR/CAD resistance is 1.4375/80, with 1.4615 still the level the EUR needs to beat in order to stabilize from a longer run, technical point of view.”