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EUR/CAD rises to 50-DMA

FXStreet (Mumbai) - The offered tone around CAD gathered pace following the Bank of Canada’s (BOC) downward revision of the GDP, pushing the EUR/CAD higher to its 50-DMA at 1.4827 levels.

Focus shifts to the ECB

The investors now await the ECB rate decision due tomorrow. The markets expect the central bank to hint at an extensive/expansion of the QE program in December and/or further cut in the deposit rate. The expectations have kept the common currency on the back foot across the board.

However, for the time being, the EUR/CAD pair managed to tick higher to its 50-DMA on account of the weak GDP forecasts published by the BOC.

EUR/CAD Technical Levels

The cross currently trades around its 50-DMA at 1.4827. A break above the same could push the pair higher to 1.49 (Oct 13 high). On the lower side, a break below 1.48 could expose the hourly 200-MA at 1.4744. An hourly close below the same could trigger a further drop to 1.47 handle.

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