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24 Dec 2014
EUR/CAD faces stiff resistance at 50-DMA
FXStreet (Mumbai) - The Euro pared losses from the previous session and traded steady against the Canadian dollar as weaker oil prices failed to support the Canadian currency in the Asian morning.
The EUR/CAD pair trades moderately higher at 1.4150, close to daily low of 1.4144 levels hit some minutes ago. The Canadian dollar strengthened versus the single currency yesterday after Canadian GDP data surprised the markets on the upside, climbing 0.3% m/m in October, and beating market estimates of a modest advance of 0.1%. The Canadian dollar garnered additional support on higher oil prices. The slump in EUR/USD pair to 2-1/2 year lows also added to the gains in the Canadian dollar versus the Euro.
EUR/CAD Levels to consider
To the upside, the next resistance is located at 1.4204 (Dec 9 High) and above which it could extend gains to 1.4239 (Dec 23 High) levels. To the downside immediate support might be located at 1.4120 (Dec 23 Low) and below that at 1.41 levels.
The EUR/CAD pair trades moderately higher at 1.4150, close to daily low of 1.4144 levels hit some minutes ago. The Canadian dollar strengthened versus the single currency yesterday after Canadian GDP data surprised the markets on the upside, climbing 0.3% m/m in October, and beating market estimates of a modest advance of 0.1%. The Canadian dollar garnered additional support on higher oil prices. The slump in EUR/USD pair to 2-1/2 year lows also added to the gains in the Canadian dollar versus the Euro.
EUR/CAD Levels to consider
To the upside, the next resistance is located at 1.4204 (Dec 9 High) and above which it could extend gains to 1.4239 (Dec 23 High) levels. To the downside immediate support might be located at 1.4120 (Dec 23 Low) and below that at 1.41 levels.