FxWirePro
Short

Recovery in oil prices to keep CAD supported, sell rallies

FX:EURCAD   Euro Fx/Canadian Dollar
EUR/CAD hits multi-week lows at 1.4677, bears look relentless, scope for further downside.

The pair is being taken down with high volumes, 1.450 next bear target, further downside to see 1.44 levels.

Oil             prices are seeing a decent recovery from Feb 11th lows of 26.03 and are currently trading at 34.19 levels.

The recovery in oil             is likely to keep Loonie supported raising scope for further downside in the EUR/CAD.

Immediate resistance on the upside is seen at 1.4830 (5-DMA) and then at 1.5022 (10-DMA).

Good to sell any rallies in the pair, SL: 1.50, TP: 1.450/ 1.44/ 1.4340
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