EURCAD

by Ashraf Laidi

Mar 17, 2009 13:54

EURCAD at 2-month highs testing the 50% retracement of the decline from the 1.7511 high to the 1.5640 low, risking to peak out. Unexpected strength in US Feb housing starts and building permits in contrast with prolonged deterioration in Canadian Jan factory sales supports the outlook for the single currency (due to continued risk appetite from US data) at expense of CAD. EURCAD tests EURCAD requires the breach of the 1.6580 point in order to pave the way for 1.6800. A EURUSD close above $1.30 and prolonged support in EURGBP above 0.9150 helps signal persistent EUR bullishness. Support stands at 1.6330.

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