Monday’s low at 1.2360 offers immediate support for EUR/CAD in the near-term. Below there, next support may be found at the psychological 1.23 figure. Resistance comes in at 1.2433 (21 EMA, 4-hour). EUR/CAD last trades at 1.2415 vs. 1.2441 late Tuesday, and the market remains capped below the 9-day EMA.
From TD Securities : “The EUR is looking oversold [vs. CAD] but short, medium and longer-term trend momentum studies remain aligned bearishly, implying to us very limited scope for a rebound in the EUR at present. New lows for the cross in the next few days should confirm the ongoing downward momentum here. We continue to look for a drop to the 1.21/1.22 area.”