The Canadian dollar is trimming part of its initial losses vs. the euro, taking
EUR/CAD
to test the key support at 1.43 the figure.
EUR/CAD lower on
data
The cross has retreated from the area of daily tops near
1.4350 after Canadian Ivey’s PMI has ticked lower to a seasonally adjusted 53.1
during October vs. 54.0 anticipated and down from September’s 53.7.
In
the meantime, the cross is extending its bearish trend and challenging 4-month
lows around current levels, all backed by a renewed softness around the European
currency and some recovery in crude oil prices, which have been lending support
to CAD.
EUR/CAD significant levels
As of writing,
the cross is up 0.18% at 1.4314 and a break above 1.4536 (55-day sma) would aim
for 1.4716 (downtrend from 1.5562) and finally 1.4912 (high Oct.21). On the
other hand, the next support aligns at 1.4122 (200-day sma) ahead of 1.4000
(psychological level) and then 1.3988 (61.8% Fibo of 1.3015-1.5562).