EUR/CAD - Correction Should Occur
FxGrow | Feb 12, 2016 12:08PM ET
EUR/CAD
Macroeconomic data from US caused sharp downward movement in EUR/CAD. Rebound occurred when price moved above 1.5580 area which is nearest support. US retail sales were better than forecasted. Similar price reaction occurred at EUR/USD.
In a longer term EUR/CAD moved in an uptrend and in mid-January there were corrections that reached 50% of previous upward movement. New upward impulse is very dynamic and since last 9 days there was only 1 session of declines. It is likely that currently downward movement should occur but in a long term uptrend should continue. Nearest resistance is at 1.5950, supports are located at: 1.5580, 1.5430, 1.5240.
Time-frame M30
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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