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    Technical Analysis – EURCAD bearish bias, support at 200-day moving average

    EURCAD fell to a 4-month low of 1.4072 on Wednesday and is now finding support from the 200-day moving average around 1.4104.

    A break below this key support area would target 1.3990, a key Fibonacci level. It is the 61.8% retracement of the rise from 1.3021 to 1.5589 (April to August rise). Meanwhile to the upside prices would meet resistance at the 50% Fibonacci at 1.4291.

    The bias is to the downside though, as technical indicators are giving bearish signals. The tenkan-sen and kijun-sen lines are negatively aligned and the market is below a falling Ichimoku cloud. Also the RSI is in bearish territory below 50 and trending downwards.

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