HomeLive CommentsECB said to consider 50bps hike this week, EUR/CAD rising towards 1.3383

ECB said to consider 50bps hike this week, EUR/CAD rising towards 1.3383

ActionForex
By ActionForex

Euro jumps broadly after Reuters reported that ECB policymakers will discuss whether to raise interest rate by 50bps this Thursday, as a option to the pre-committed 25bps hike. But ECB spokesperson declined to comment so far.

Similar to EUR/USD, EUR/CAD should have formed a short term bottom at 1.2970. Further rise is expected to 1.3383 support turned resistance fist. Firm break there will target channel resistance (now at 1.3535). On the downside, below 1.3101 minor support will bring retest on 1.2970 low instead.

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