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EUR/CAD bid for now but bearish risks follow

FXStreet (Guatemala) - EUR/CAD is trading at 1.4168, up 0.70% on the day, having posted a daily high at 1.4180 and low at 1.4068.

EUR/CAD has been supported on a number of counts. WTI inventories on the rise and price falling, and ECB's Coeure speaking explaining that their stance will remain accommodative for an extended time but ECB will not cut rates any more.

Technically, analysts at TD Securities explained that the converging 28– and 40-day MA signals provide the swing point for the EUR near-term—better bid above 1.4220 (but a major top at 1.4400/10), better offered below. “We still rather expect a downside resolution to the current consolidation (we think the October rejection of 1.44+ levels keeps the broader focus on a return to the 1.35/1.38 range in in weeks/months ahead), just not yet”.

EUR/CAD noteworthy levels

With spot trading at 1.4169 (Hourly 200 SMA), we can see next resistance ahead at 1.4181 (Daily 20 SMA) and 1.4230 (Daily Classic R2). Support below can be found at 1.4168 (Weekly Classic PP), 1.4150 (Daily Classic R1), 1.4141 (Weekly High), 1.4118 (Hourly 100 SMA) and 1.4109 (Hourly 20 EMA).

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