{"id":51694,"date":"2014-05-23T07:06:00","date_gmt":"2014-05-23T11:06:00","guid":{"rendered":"http:\/\/countingpips.com\/?p=51694"},"modified":"2014-05-23T07:06:00","modified_gmt":"2014-05-23T11:06:00","slug":"eurcad-drifts-to-support-ahead-of-cad-cpi","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/05\/eurcad-drifts-to-support-ahead-of-cad-cpi\/","title":{"rendered":"EUR\/CAD Drifts to Support Ahead of CAD CPI"},"content":{"rendered":"<div id=\"inves-1361497501\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 23, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Technical Sentiment: <strong>Bearish<\/strong><\/p>\n<p><strong>Key Takeaways<\/strong><\/p>\n<ul>\n<li>Euro wanes as German Ifo Business Climate declines to 110.4 vs. 111.0 forecast;<\/li>\n<li>The Canadian Dollar dismissed Thursday\u2019s disappointing Retail Sales figures;<\/li>\n<li>EUR\/CAD forming a double bottom formation unless the bearish trend continues.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em>Euro shorts have reaped the benefits of getting it right in the last few weeks. Market sentiment remained bearish for EUR\/CAD even after the Core Retail Sales barely increased 0.1% in March and Retail Sales m\/m decreased by 0.1%. It remains to be seen if today\u2019s Core CPI and CPI m\/m, both with lower forecasts than previous readings, will stop the Canadian Dollar from gaining more ground.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Technical Analysis<\/strong><\/p>\n<p style=\"text-align: justify;\">EUR\/CAD is currently trading above 1.4850, after dipping within several pips of May 15<sup>th<\/sup> low of 1.4832. At this point it appears the market simply expects both the <em>Core CPI and CPI m\/m to be within expectations or below, in order to form a double bottom reversal pattern in this area. Stochastic is in oversold territory on both the Daily and 4H time frames, suggesting the bearish cycles might be over and a bullish correction can ensue.<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/EURCAD-23rd-May.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-3381\" src=\"http:\/\/capitaltrustmarkets.com\/wp-content\/uploads\/2014\/05\/EURCAD-23rd-May.png\" alt=\"EURCAD 23rd May\" width=\"700\" height=\"340\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><em>A bounce here for EUR\/CAD will lead to a test of the large round number 1.5000, a level that will soon coincide with the 100 Simple Moving Average on 4H. This resistance is followed by 1.5100\/19, 38.2% Fibonacci Retracement on the entire downtrend from March and 200 Simple Moving Average on 4H.<\/em><\/p><div id=\"inves-89127240\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p style=\"text-align: justify;\"><em>If EUR\/CAD breaks below the 1.4832 support instead, the pair will quickly touch the price pivot zone at 1.4788, and if this fails as well then the 200-Day Moving Average (1.4637) will become a viable target for shorts in the near term. <\/em><\/p>\n<p>*********<\/p>\n<p><em>Prepared by Alexandru Z., Chief Currency Strategist at <\/em><a href=\"http:\/\/www.capitaltrustmarkets.com\/\"><em>Capital Trust Markets<\/em><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Sentiment: Bearish Key Takeaways Euro wanes as German Ifo Business Climate declines to 110.4 vs. 111.0 forecast; The Canadian Dollar dismissed Thursday\u2019s disappointing Retail Sales figures; EUR\/CAD forming a double bottom formation unless the bearish trend continues. Euro shorts have reaped the benefits of getting it right in the last few weeks. Market sentiment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-51694","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=51694"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/51694\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=51694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=51694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=51694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}