EURCAD (D) - medium term bearish bias
After a two-month-long upside correction, the euro resumed its downtrend against the Canadian dollar. The breakout below the major support level of 1.4550 was a confirmation that bearish sentiment prevailed. The 20-day moving average crossed below the 30-day one in a classic bearish turn of event. The pair is likely to grind down towards the October low of 1.4430. Any attempt to rebound might be capped by the trend line which acts strong resistance.
Key support: 1.4430
Key resistance: 1.4580
After a two-month-long upside correction, the euro resumed its downtrend against the Canadian dollar. The breakout below the major support level of 1.4550 was a confirmation that bearish sentiment prevailed. The 20-day moving average crossed below the 30-day one in a classic bearish turn of event. The pair is likely to grind down towards the October low of 1.4430. Any attempt to rebound might be capped by the trend line which acts strong resistance.
Key support: 1.4430
Key resistance: 1.4580