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Forex: EUR/CAD finds support around yearly lows 1.2890, now above 1.3000

By FXstreet.com,  May 03, 2012, 10:33:00 PM EDT

FXstreet.com (Barcelona) - EUR/CAD has made a big come back Thursday, last at 1.3002, after bouncing near previous 2012 lows Jan 16 at 1.2874 yesterday following ECB press conference. The cross dipped as low as 1.2886 previous ECB rate statement, recovering everything lost till then, and even above yesterday's Asia-Pacific opening price, now +0.17% higher for the day.

It is third time in the year the cross finds strong support in the 1.2900 area, which also was low for the year 2011. Now EUR/CAD is flat for the week, after rising as high as 1.3137 on Tuesday, and after falling as low as yesterday's mentioned lows 1.2886, just 6 pips below March 14 lows.

For the immediate term, support to the downside lie at April 26 lows 1.2961, followed by April 05 lows 1.2943 and April 18 lows 1.2929, while for the upside closest resistance show at recent session and April 16 highs 1.3009, followed by April 27 highs 1.3036 and March 13 highs 1.3076.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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