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9 Feb 2015
EUR/CAD downside vulnerable below 1.3800
FXStreet (Guatemala) - EUR/CAD is trading at 1.4099 at time of writing, with a high of 1.4211 and a low of 1.4078.
EUR/CAD has been in supply since failing on the 1.44 handle, resisted just shy of 1.4500 and 200-day MA on a week that has plenty of political risk ahead in the EZ with a continuation of the Greece situation, Russia and Ukraine. Meanwhile, analysts at TD Securities explained the cross from a technical point of view.
"Short-term price action looks weak but the broader signals (daily, weekly) suggest more range trading that a significant trend turn. As momentum
remains very subdued, we look for weakness back towards 1.38/1.39 from here but perhaps no more for the moment...Our broader bias is bearish, however, and we do think a sustained push below 1.38 will open the downside up for a push to the low/mid 1.30s."
EUR/CAD has been in supply since failing on the 1.44 handle, resisted just shy of 1.4500 and 200-day MA on a week that has plenty of political risk ahead in the EZ with a continuation of the Greece situation, Russia and Ukraine. Meanwhile, analysts at TD Securities explained the cross from a technical point of view.
"Short-term price action looks weak but the broader signals (daily, weekly) suggest more range trading that a significant trend turn. As momentum
remains very subdued, we look for weakness back towards 1.38/1.39 from here but perhaps no more for the moment...Our broader bias is bearish, however, and we do think a sustained push below 1.38 will open the downside up for a push to the low/mid 1.30s."