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EUR/CAD rising up tot challenge bearish trend

FXStreet (Barcelona) - EUR/CAD is trading at 1.4155, up 0.48% on the day, having posted a daily high at 1.4159 and low at 1.4053.

EUR/CAD has been an interesting play while the greenback has come off and the crosses are subsequently caught up in the cross fire. Indicators are offering a negative bias on the longer term charts still but there is scope in the near term for at test of the critical 1.42 handle. Analysts at TD Securities note that EUR/CAD has developed a strong bid in the North American morning and seems to be putting trend resistance under some pressure. “And, with the 1.40 area holding up so well in the recent past (despite that alignment of bear trend momentum indicators), the risk of a push higher may be rising”.

EUR/CAD noteworthy levels

With spot trading at 1.4156, we can see next resistance ahead at 1.4159 (Daily High), 1.4166 (Weekly Classic R1), 1.4173 (Daily 20 SMA), 1.4178 (Daily Classic R3) and 1.4259 (Weekly Classic R2). Support below can be found at 1.4145 (Weekly High), 1.4141 (Daily Classic R2), 1.4120 (Hourly 200 SMA), 1.4115 (Daily Classic R1) and 1.4106 (Hourly 20 EMA).

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