25 Apr 2016
EUR/CAD fails to reclaim 1.4300 handle
On Monday, the EUR/CAD pair initially managed to pull-back from sub-1.4200 mark, its lowest level since early Dec. 2015, but failed to extend its recovery beyond 1.4300 mark on lower-than-expected German Ifo Business Climate index print.
Friday's better-than-expected Canadian retail sales data and rising inflation had dragged the pair below 1.4200 mark. The pair, however, has managed to recover and is currently trading just below 1.4300 mark.
Technical levels to watch
Above 1.4300 mark, the pair is likely to extend its recovery towards a previous strong support now turned resistance, also coinciding with Friday's high level resistance near 1.4365-70 horizontal area.
On the downside, 1.4200 round figure mark remains immediate support to be challenged. A decisive break below 1.4200 handle now seems to expose Dec. 2015 lows support near 1.4025 area.
Friday's better-than-expected Canadian retail sales data and rising inflation had dragged the pair below 1.4200 mark. The pair, however, has managed to recover and is currently trading just below 1.4300 mark.
Technical levels to watch
Above 1.4300 mark, the pair is likely to extend its recovery towards a previous strong support now turned resistance, also coinciding with Friday's high level resistance near 1.4365-70 horizontal area.
On the downside, 1.4200 round figure mark remains immediate support to be challenged. A decisive break below 1.4200 handle now seems to expose Dec. 2015 lows support near 1.4025 area.