FX.co ★ Technical analysis of EUR/CAD for July 06, 2015

Unexpected NO vote in the Greek referendum influenced oil prices, which are trading lower at today's Asian session. This factor causes a fall in CAD. The CAD is trading lower against USD and EUR.

The cross opened lower at 1.3823 closing the gap almost after a gap down opening. The cross has found strong support at 1.3808 and 1.3800. The real selling takes place only below 1.3745. The cross probably made a double top at 1.4021. Euro bulls managed to hold all the daily moving averages. The monthly support is found at 1.3780. The weekly resistance seems between 1.4000 and 1.4030. We expect strong bullish momentum only above 1.4030. The pair managed to get above 2-month ascending trendline.

Intraday resistance is seen at 1.3930, 1.3985, and 1.4020. Support is found at 1.3850, 1.3820, and 1.3800. Today, the Canada PMI data is due. The indicator produced positive readings for the previous 2 months. We expect the same in July as well. In this case we recommend buying above 1.3930 towards 1.3950, 1.3985, and 1.4000. The strong bullish momentum is expected above 1.4030. In case of negative readings, we recommend selling below 1.3850 with small targets at 1.3820 and 1.3800. The real selling emerges only below 1.3800 towards 1.3780 and 1.3750. The panic is likely to trigger below 1.3750.