14.07.201511:22 Forex Analysis & Reviews: Technical analysis of EUR/CAD for July 14, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The CAD fell to a 4-months low against the greenback at yesterday's sessionon the back of Greece's optimism and rospects for the Fed interest rate hike.

The cross has been making multiple tops at 1.4120, forming negative divergence in the daily chart. The same divergence we can observe in the USD/CAD H4 chart. In the H1 chart, the cross is moving towards lower high and lower low. The trend favors buying with sl 1.3870. The monthly support is found at 1.3780 and resistance is seen at 1.4365. The parallel resistance is seen at 1.4254 and 1.4320 100Wsma. A daily close above 1.4120 will let bulls aim for 1.4250 and 1.4320 in a day or two.

The intraday support is found at 1.4000 and 1.3970. Resistance is seen at 1.4030, 1.4060, and 1.4100. Strong buying momentum is expected above 1.4120 with targets at 1.4200 and 1.4250 initially. Intraday selling is available below 1.3990 towards 1.3970 and 1.3950.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.