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11 Mar 2015
EUR/CAD falls below 1.35
FXStreet (Mumbai) - The shared currency continued to weaken, taking the EUR/CAD pair below 1.35 levels on Wednesday after the European Central Bank (ECB) President Draghi reiterated the positive impact of the bank’s stimulus measures.
EUR/CAD – falls to July 2013 levels
The pair currently trades at 1.3494, a level last seen in July 2013. The selling in EUR cross resumed after Draghi said the stimulus has been effective. He also said the bank can and will stabilize inflation and that market-based expectations of inflation have improved. The EUR/USD pair fell 0.55% to 1.0637, while the USD/CAD pair remains largely unchanged at 1.2679. Consequently, the EUR/CAD cross declined 0.52% to 1.3498.
EUR/CAD Technical Levels
The pair has an immediate support at 1.3476, under which it could extend losses to 1.34 levels. On the flip side, resistance is seen at 1.3511 and 1.3578 levels.
EUR/CAD – falls to July 2013 levels
The pair currently trades at 1.3494, a level last seen in July 2013. The selling in EUR cross resumed after Draghi said the stimulus has been effective. He also said the bank can and will stabilize inflation and that market-based expectations of inflation have improved. The EUR/USD pair fell 0.55% to 1.0637, while the USD/CAD pair remains largely unchanged at 1.2679. Consequently, the EUR/CAD cross declined 0.52% to 1.3498.
EUR/CAD Technical Levels
The pair has an immediate support at 1.3476, under which it could extend losses to 1.34 levels. On the flip side, resistance is seen at 1.3511 and 1.3578 levels.