EUR/CAD hits multi-year highs at 1.5667, further upside likely
EUR/CAD extends its uptrend to breaks minor resistance at 1.5556 to hit multi-year highs at 1.5667 (levels not seen since Dec 2009).
Oil prices trade near 12-year lows, Brent slips back below $ 30 mark, hurting sentiment for the loonie.
We see upside in the pair supported by rising volumes, MACD and RSI on weeklies remain strong, so more upside in-store.
1.5731 (week ending 7th Dec 2009 high) next bull target, with immediate support by 1.5594 (session lows) and then at 1.5530 (5-DMA).
We would go long around 1.5600 levels, SL: 1.5530, TP1: 1.5731, TP2: 1.58
Oil prices trade near 12-year lows, Brent slips back below $ 30 mark, hurting sentiment for the loonie.
We see upside in the pair supported by rising volumes, MACD and RSI on weeklies remain strong, so more upside in-store.
1.5731 (week ending 7th Dec 2009 high) next bull target, with immediate support by 1.5594 (session lows) and then at 1.5530 (5-DMA).
We would go long around 1.5600 levels, SL: 1.5530, TP1: 1.5731, TP2: 1.58