The EUR/CAD has bumped up against 1.3650, which was the the lows of May 2011, and a level not seen even once in 2012. The EURO itself is on a Bullish Rampage and like the Japanese Yen appears to only take a break to catch its breath every few days before continuing higher. With the Canadian Dollar showing signs of weakness, and the EURO showing so much strength this pair should continue higher easily. Today is filled with medium impact fundamentals on the EURO, as well as the Unemployment Claims out of the USA later. As far as the technical's go, the EUR/CAD is facing resistance at its current high, with the Monthly R1 above at 1.3747 and then we will hit further resistance at 1.3900. Below, the bears will have support to deal with at 1.3480, the February 2012 highs, followed by the March 2012 highs at 1.3333. If prices fall further, the S/R level we just broke out of at 1.3185 will be very important.
Happy Trading!