24 Oct 2013
EUR/CAD printing 2-year peaks at 1.4311 on corrective action
FXstreet.com (Chicago) - EUR/CAD protects 1.43 zone on corrective move sustaining 2-year gains after formidable rally yesterday on the BoC decision to maintain interest rates at 1%.
Earlier in Canada, the BoC decided to maintain the interest rate at 1% also providing a press conference and monetary policy report. In Europe, rumors spread about a potential monetary decision to weaken the euro, now strengthening across major currencies.
EUR/CAD Technical Levels
Technically speaking, the pair approaches immediate key resistance at 1.4340 oscillating around 2-year highs after formidable ascent to 1.4311 session highs. Offered at 1.4302, the pair navigates between the supports aligned at 1.4270 (July 20th 2011 highs), 1.4223 (July 30th 2011 highs) followed by 1.4176 (October 23rd lows) and the resistances set at 1.4340 (March 8th 2011 highs), 1.4372 (June 16th 2011 highs) ahead of 1.4412 (December 2009 highs). The primary, secondary, short-term and intraday trends point up as the pair extends corrective move above the EMA20.
Earlier in Canada, the BoC decided to maintain the interest rate at 1% also providing a press conference and monetary policy report. In Europe, rumors spread about a potential monetary decision to weaken the euro, now strengthening across major currencies.
EUR/CAD Technical Levels
Technically speaking, the pair approaches immediate key resistance at 1.4340 oscillating around 2-year highs after formidable ascent to 1.4311 session highs. Offered at 1.4302, the pair navigates between the supports aligned at 1.4270 (July 20th 2011 highs), 1.4223 (July 30th 2011 highs) followed by 1.4176 (October 23rd lows) and the resistances set at 1.4340 (March 8th 2011 highs), 1.4372 (June 16th 2011 highs) ahead of 1.4412 (December 2009 highs). The primary, secondary, short-term and intraday trends point up as the pair extends corrective move above the EMA20.