OctaFX | OctaFX Forex Broker
Open trading account

EUR/CAD tests weekly highs near 1.4800

FXStreet (Edinburgh) - The Canadian dollar is trading on the defensive side vs. the European currency on Wednesday, lifting EUR/CAD to weekly tops near 1.4800 the figure.

EUR/CAD attention to BoC, Poloz

The poor performance of crude oil prices today is collaborating with the offered tone around the Canadian dollar, which keeps losing ground against its main rivals ahead of the BoC monetary policy meeting and subsequent press conference by Governor S.Poloz.

Renewed selling pressure around CAD has given extra wings to the cross, currently snapping a negative 3-week streak and managing to retake the 1.48 handle at the same time.

EUR/CAD levels to watch

At the moment the cross is advancing 0.39% at 1.4786 facing the next resistance at 1.4882 (downtrend from 1.5566) followed by 1.4961 (23.6% Fibo of 1.3016-1.5560) and finally 1.5162 (high Sep.28). On the other hand, a breach of 1.4589 (38.2% Fibo of 1.3016-1.5560) would expose 1.4462 (100-day sma) and then 1.4289 (50% Fibo of 1.3016-1.5560).

WTI oil revisits Oct 15 low, eyes 50-DMA

Crude prices in the US extended losses in the US session, falling to Oct 15 low of USD 45.25/barrel.
Read more Previous

Treasury yields drop along with commodity prices

The yields on the long duration treasury notes in the US fell on Wednesday as falling commodity prices are expected to push inflation expectations lower.
Read more Next
Start livechat