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10 Feb 2015
EUR/CAD declines for the fourth consecutive session
FXStreet (Mumbai) - The shared currency continues to remain under pressure as tensions over Greek debt terms sapped risk appetite, pushing the EUR/CAD pair marginally lower to 1.4117 levels.
Trades below 50-DMA
The pair trades below the 50-DMA located at 1.4131, after having breached the same in the previous sessions. Moreover, the rebound in oil price supported gains in the Canadian dollar, while the Greek debt drama and a better than expected US jobs data weakened the single currency. However, the gains in the Canadian dollar have been restricted due to Crude prices, which are down 1.43% at USD 52.11/barrel.
Given the lack of Canadian data this week, the pair is likely to be influenced by Crude prices and developments in Greece.
EUR/CAD Technical Levels
The immediate support is seen at 1.4076, under which losses could be extended to 1.3990 (Dec. 31 low). On the flip side, resistance is seen at 1.4131 (50-DMA) and 1.4228 (10-DMA) levels.
Trades below 50-DMA
The pair trades below the 50-DMA located at 1.4131, after having breached the same in the previous sessions. Moreover, the rebound in oil price supported gains in the Canadian dollar, while the Greek debt drama and a better than expected US jobs data weakened the single currency. However, the gains in the Canadian dollar have been restricted due to Crude prices, which are down 1.43% at USD 52.11/barrel.
Given the lack of Canadian data this week, the pair is likely to be influenced by Crude prices and developments in Greece.
EUR/CAD Technical Levels
The immediate support is seen at 1.4076, under which losses could be extended to 1.3990 (Dec. 31 low). On the flip side, resistance is seen at 1.4131 (50-DMA) and 1.4228 (10-DMA) levels.