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EUR/CAD picking up support on 1.42 handle

FXStreet (Guatemala) - EUR/CAD is trading at 1.4229, down -0.59% on the day, having posted a daily high at 1.4335 and low at 1.4200.

EUR/CAD has come off dramatically having penetrated the 1.43 handle but failing at yesterday’s highs. A test of the upside again through 1.44 would be required to alleviate pressures to the downside for the near term and this would be making way for an eye towards the psychological 1.50 handle. The calendar in Europe was offering disappointing results ahead of tomorrows ECB while the US dollar has also been giving back gains across the board ahead of the nonfarm payrolls event at the end of the week. The pair could gain some support from the weakness in the crude price and the divergences between the BoC and Fed albeit an ECB that has been dovish of late also, the current sentiment is a little hazy around the certainty of the Central Banks QE programming, further adding some background support into the EUR.

EUR/CAD noteworthy levels

With spot trading at 1.4230, we can see next resistance ahead at 1.4257 (Weekly Classic R1), 1.4274 (Hourly 20 EMA), 1.4277 (Daily Classic
PP) and 1.4315 (Daily Open). Support below can be found at 1.4225 (Daily 20 SMA), 1.4211 (Daily Classic S1), 1.4201 (Hourly 200 SMA) and 1.4181 (Hourly 100 SMA).

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