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6 Feb 2015
EUR/CAD extends losses below 200-DMA
FXStreet (Mumbai) - The EUR/CAD pair faced rejection at the 200-DMA located at 1.4284 post which the pair extended losses to trade at the current level of 1.4235.
Repeated failure to rise above 200-DMA
The pair has witnessed repeated failure to sustain gains above the 200-DMA since the beginning of the current week. The pair did breach the same on multiple occasions, although the gains were quickly erased to ensure the pair closed below 200-DMA.
Moreover, the recovery in the Crude prices has helped strengthen the Canadian dollar across the board. Meanwhile, the Greek debt issue has capped gains in the shared currency.
EUR/CAD Technical Levels
The pair currently trades 0.18% lower at 1.4244 levels. The immediate support is located at 1.4213, under which losses could be extended to 1.4183 levels. On the flip side, resistance is seen at 1.4284 (200-DMA) and 1.4350 levels.
Repeated failure to rise above 200-DMA
The pair has witnessed repeated failure to sustain gains above the 200-DMA since the beginning of the current week. The pair did breach the same on multiple occasions, although the gains were quickly erased to ensure the pair closed below 200-DMA.
Moreover, the recovery in the Crude prices has helped strengthen the Canadian dollar across the board. Meanwhile, the Greek debt issue has capped gains in the shared currency.
EUR/CAD Technical Levels
The pair currently trades 0.18% lower at 1.4244 levels. The immediate support is located at 1.4213, under which losses could be extended to 1.4183 levels. On the flip side, resistance is seen at 1.4284 (200-DMA) and 1.4350 levels.