Scope for further downside in EUR/CAD, sell rallies

FX:EURCAD   Euro / Canadian Dollar
163 0
EUR/CAD is seen extending decline from multi-year highs at 1.6105 hit on Jan 20th, we see scope for further downside.

Unexpected dovish tone at Draghi’s press conference on Thursday has opened the door to a generalized EUR weakness, while rebound in oil prices will support the loonie.

Momentum studies lean bearish , Stochs and RSI have reversed from oversold territory and MACD shows bearish crossover of MACD line over signal line.

5 & 10 DMAs have curved lower, bearish invalidation only above 1.5687 (5-DMA), support on the downside lies at 1.5298 (Jan 11 lows).

We would sell any rallies in the pair around 1.5440 levels, SL: 1.5525, TP: 1.53
Trade closed: target reached
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