- EUR/CAD extends weakness to hit new multi-week lows at 1.4529 on Tuesday, 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 33.98 levels.
- The recovery in oil is likely to keep Loonie supported raising scope for further downside in the EUR/CAD.
- The pair sees minor support at 1.4491 (cloud top), breaks below will see further weakness.
- Immediate resistance on the upside is seen at 1.4708 (5-DMA) and then at 1.4750 (March 1st high) and then 1.4948 (10-DMA).
- Our earlier call (http://www.econotimes.com/FxWirePro-Recovery-in-oil-prices-to-keep-CAD-supported-good-to-sell-EUR-CAD-rallies-170339) is progressing.
- Recommendation: Hold for targets
The material has been provided by InstaForex Company – www.instaforex.com