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6 Feb 2015
EUR/CAD: Bearish/neutral bias towards 1.4000
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.4182 with a high of 1.4289 and s low of 1.4066.
EUR/CAD range is widening and extending to the downside on the daily sticks,1.4652 - 1.3747. Shorter-term, the cross is capped at 1.4280 and trades heavy below here, having made a low of 1.4086 within the volatility around the release of a spectacular Nonfarm Payrolls result from the US earlier today.
Analysts at TD Securities explained that they are biased towards expecting lower levels for the cross and look for a re-test of 1.38/1.40 in the next few weeks, with the 200-day MA/top of the range holding recent gains once again. "Trend momentum is weak across a range of timeframes which favours sideways range trading, we think."
EUR/CAD range is widening and extending to the downside on the daily sticks,1.4652 - 1.3747. Shorter-term, the cross is capped at 1.4280 and trades heavy below here, having made a low of 1.4086 within the volatility around the release of a spectacular Nonfarm Payrolls result from the US earlier today.
Analysts at TD Securities explained that they are biased towards expecting lower levels for the cross and look for a re-test of 1.38/1.40 in the next few weeks, with the 200-day MA/top of the range holding recent gains once again. "Trend momentum is weak across a range of timeframes which favours sideways range trading, we think."