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EUR/CAD offered at hourly 200-MA after Canada data

FXStreet (Mumbai) - The EUR/CAD pair was offered at the hourly 200-MA at 1.4245 after the Bank of Canada’s (BOC) core inflation was reported higher than estimates.

CAD cheers inflation, ignores retail sales

The pair dropped to hourly 100-MA at 1.4217 as the uptick in the BOC’s core inflation overshadowed the weaker-than-expected retail sales. The markets believe the BOC has little reason to turn more dovish in the wake of a rise in inflation.

However, the losses in the EUR/CAD cross are being restricted by the recovery in the EUR/USD pair to 1.07 levels.

EUR/CAD Technical Levels

The immediate support is seen at 1.42 handle, under which the losses could be extended to 1.4143 (previous day’s low) and 1.4115 (200-DMA). On the other side, resistance is seen at 1.4245 (hourly 200-MA) and 1.4280 (previous day’s high).

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