ANALYSIS
NQ100 Finds Support from PPIApr 14
EURCAD Maintains its Upward Potential
We saw some pullback in parity last Wednesday after the Bank of Canada (BoC) increased the policy rate by 25 basis points from 4.25 percent to 4.5 percent. However, in the shadow of the promising data for the European economy, the market's convincing of the European Central Bank's (ECB) 50 basis point tightening cycle keeps the demand for the euro resilient. Technically speaking, it is seen that the parity is holding on from the 100-period exponential moving (EMA) average on its declines. On the other hand, if the pair, which continues to maintain its medium-term upside potential, can make a permanent transition to the resistance of 1.4560, it can continue its gains in favor of the euro until the peak of 1.5 years at 1.4725, after 1.4640. In case of possible declines behind the trend line, 1.4430 and 1.4355 supports can be followed.
