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EUR/CAD in technically overbought territory

FXStreet (Guatemala) - EUR rosses have been favoured in with the German ZEW results, while the Canadian dollar suffered on the drop in oil prices and dented by the greenback’s advance on the back of the higher than expected PPI results.

EUR/CAD technically bearish outlook

However, analysts at TD Securities favour a bearish bias. “The 1.42 area remains a cap, however, with the converging 28– and 40-day MA signals providing the ceiling for the range. The market is compressing, however, and pressure for a range break will build in the next few weeks. We rather think the failure around 1.44 leaves the EUR primarily exposed to a push below 1.40 to the 1.35/1.38 range in the next few months”.

EUR/CAD noteworthy levels

With spot trading at 1.4157, we can see next resistance ahead at 1.4166 (Daily 20 SMA), 1.4195 and 1.4215 (Weekly Classic R1). Support below can be found at 1.4142 (Daily Classic R1), 1.4136 (Hourly 200 SMA ), 1.4126 (Weekly Classic PP), 1.4118 (Hourly 100 SMA) and 1.4106 (Hourly 20 EMA).

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