EURCAD Chart Technical Outlook pressured as oil prices rise, resistance support at 1.4951 in play
Oil prices are rising due to tensions in the Middle East – two high-profile assassinations associated to Israel have raised fears of further escalation and disruption to oil supplies. That boosts the Canadian Dollar, as Canada relies on oil exports.
On the other hand, eurozone growth exceeded expectations in reports released on Tuesday. I expect EUR/CAD to edge lower but eventually bounce and resume the long-term uptrend. Support is at 1.4961, followed by 1.4919. Resistance is at 1.50, a round number, and then 1.5033.
