EUR/CAD testing critical 1.4460

FXStreet (Guatemala) - EUR/CAD is trading at 1.4466, up 1.17% on the day, having posted a daily high at 1.4481 and low at 1.4283.

EUR/CAD has spiked higher and is testing 1.4480 resistance zone. Analysts at TD Securities feel that while the EUR rally has extended back to levels they thought would offer better selling opportunities for the cross, they have to reserve judgment a little longer. “The short-term trend may be turning a little more constructive and the ease with which the market has gained through the low 1.44 area suggests the bear trend here may be moderating. There may be scope here for EUR/CAD to recover back to the 1.47/1.48 range. Sustained gains through 1.4420 Friday would be positive”.

EUR/CAD noteworthy levels

Spot is presently trading at 1.4468, and next resistance can be seen at 1.4471 (Daily 100 SMA), 1.4481, 1.4500, 1.4550, 1.4580 and 1.4610. Next support to the downside can be found at 1.4453 (Daily Classic R3), 1.4430 (Weekly Classic R3), 1.4383 (Daily Classic R2), 1.4370 (Hourly 20 EMA) and 1.4341 (Daily Classic R1).