EUR/CAD is trading a narrow range on the day, 5-DMA caps upside in the pair.
Technical studies are biased bearish. RSI and Stochs biased lower, RSI weakness seen below 50 levels.
Daily cloud offers strong support at 1.4758 ahead of 50-DMA at 1.4738.
Break below 50-DMA will see further weakness. Scope then for test of 200-DMA at 1.4640.
MACD shows bearish crossover on signal line which supports the bearish bias.
On the flipside, retrace above 20-DMA at 1.4852 invalidates bearish bias.
Support levels - 1.4758 (cloud top), 1.4738 (50-DMA), 1.47, 1.4685 (Oct 18 low), 1.46 (trendline)
Resistance levels - 1.4838 (5-DMA), 1.4848 (20-DMA), 1.5040 (Oct 31 high)
Good to go short on break below 1.4740, SL: 1.4820, TP: 1.47/ 1.4685/ 1.46.
Technical studies are biased bearish. RSI and Stochs biased lower, RSI weakness seen below 50 levels.
Daily cloud offers strong support at 1.4758 ahead of 50-DMA at 1.4738.
Break below 50-DMA will see further weakness. Scope then for test of 200-DMA at 1.4640.
MACD shows bearish crossover on signal line which supports the bearish bias.
On the flipside, retrace above 20-DMA at 1.4852 invalidates bearish bias.
Support levels - 1.4758 (cloud top), 1.4738 (50-DMA), 1.47, 1.4685 (Oct 18 low), 1.46 (trendline)
Resistance levels - 1.4838 (5-DMA), 1.4848 (20-DMA), 1.5040 (Oct 31 high)
Good to go short on break below 1.4740, SL: 1.4820, TP: 1.47/ 1.4685/ 1.46.