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July 11, 2018 @ 13:06 +03:00
The EURCAD pair is in a precarious position at the moment with trading restricted by the resistance trend lines overhead and supported by moving averages underneath. The BOC rate decision will be released this evening and this can impact the pair substantially with these nearby technical levels weakened as a result. In this regard we need to broaden our view and look further out for technical levels. Support can be found at the 200 DMA at 1.52712 followed by the 1.52000 area. A break under here could move to test 1.51100 or the swing low at 1.51180. Below this area is the 1.50000 round number and the 1.49943 support area with the summer low at 1.49160.
Resistance at a previous swing low of 1.54624 can see price action today with the recent channel bottom acting at 1.54936. A break above that area would see 1.56000 tested followed by 1.57145 if the move is successful. This would lead to 1.58330 and the channel top at that level. A break higher over the coming weeks would lead to a retest of 1.59000 followed by 1.60000 and the 2018 high at 1.61500.