FxWirePro: EUR/CAD Trades Lower on Strong Oil Price, Good to Sell on Rallies
- Major resistance- 1.4820 (200 day MA)
- Major support – 1.4600
- EUR/CAD has declined after making a high of 1.48249 (9th May 2016).It is currently trading around 1.46632.
- Canadian dollar has gained against all major pair’s yesterday as Crude oil hits new 2016 high.
- WTI crude has jumped 3.5% yesterday and settled at $46.23 as inventory data showed a surprise drop in domestic crude stockpiles.
- Short term trend is slightly weak as long as 1.4765 (11th May high) holds. Any indicative break above 1.4765 will take the EUR/CAD till 1.4825/1.4870.The minor resistance is around 1.4680/1.4725.
- On the lower side any break below 1.4600 will drag the pair till 1.4500/1.4450.
It is good to sell on rallies around 1.4675-1.4680 with SL around 1.4765 for the TP of 1.4500/1.4450