EURCAD has been heavily influenced by both BOC and ECB this week. After Bank of Canada’s tapering decision EURCAD face hard selling and fell to the lower line of the trend channel from the upper line with a quick move yesterday. Today’s ECB decision may have an impact too but the odds of a big move is very low. 200-hour moving average and lower line, 1.50 is providing support to the wounded EURCAD but these supports may not hold. If broken, the price may test 1.4950 first and below that level, there is a big empty support-free zone and 1.48 is at the end.
For upward moves, the middle of the trend channel 1.5112 will be important for the remainder of this week and may contain bullish moves. If EURCAD can break this resistance, the recent top may be tested again.