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EUR/CAD perks up to test key resistance - TDS

FXStreet (Guatemala) - EUR/CAD is trading at 1.4146, down -0.11% on the day, having posted a daily high at 1.4167 and low at 1.4048.

EUR/CAD continues to threaten the bears and has extended the gains post dropping sharply below 1.41 in overnight. “Intraday charts suggest that a low point is in for the cross today but gains are unlikely to run too much higher than 1.4150 for the moment as there is still a lot of underlying bear momentum in the cross over a broad range of timeframes”, explained analysts at TD Securities. “We would still rather look to sell rallies near-term, with only gains extending above 1.4255/60 allowing scope for a more sustained, short-term rise”.

EUR/CAD noteworthy levels

Spot is presently trading at 1.4147, and next resistance can be seen at 1.4153 (Hourly 100 SMA), 1.4153 (Hourly 200 SMA), 1.4158 (Daily Classic PP) and 1.4164. Next support to the downside can be found at 1.4133 (Daily Classic S1), 1.4132, 1.4129, 1.4124 (Hourly 20 EMA) and 1.4105 (Daily Classic S2).

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