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EUR/CAD dropping here is significant

FXStreet (Guatemala) - EUR/CAD is trading at 1.4389, down -0.22% on the day, having posted a daily high at 1.4430 and low at 1.4382.

EUR/CAD has dropped through key support and onto the 1.43 handle. This is significant in relations to where this could now get to and potentially rapidly. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish. However, analysts at TD Securities said that the EUR/CAD retains a heavy undertone and the break below support at 1.4420 now targets a drop to the 1.40/1.42 range. At the time of writing, RSI is neutral at 23.31, down from 26.87 at the last hour close. Meanwhile, daily RSI is in neutral territory at 40.41 offering room to the downside yet. On the hourly EUR/CAD chart, the 200 SMA is declining and currently at 1.4467, down from the previous hour close at 1.4534.

EUR/CAD levels

Spot is presently trading at 1.4389, and next resistance can be seen at 1.4406 (Daily Classic S2), 1.4417 (Yesterday's Low), 1.4421 (Daily Open) and 1.4430 (Daily High). Support below can be found at 1.4328 (Weekly Classic S3), 1.3717 (Annual Low) and 1.2158 (3 Year Low).

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