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21 Oct 2015
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.
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.