EUR/CAD tested last line of defence ahead of a return to the 1.55/1.56 range - Scotiabank

Analysts at Scotiabank noted the moves in EUR/CAD today. 

Key Quotes:

"The EUR is trading well through trend and the 100-day MA now (low/mid 1.52s) and was testing the 200-day MA effectively today (1.5360)."

"We see this as the last line of defence ahead of a return to the 1.55/1.56 range.

EUR gains are well-supported by short-term trend momentum signals."

"We have been leaning bearish here, expecting a retest of the 1.48/1.49 zone. A clear push through the 200- day MA will force a rethink on the near-term outlook from our perspective."