12 Jan 2015
EUR/CAD bid but within choppy longer term range
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.4160 with a high of 1.4162 and a low of 1.4004 and up 0.69% on the day.
The pair is stalling here with resistance at 1.4160 but supply is thin and demand is putting the pair back onto the bid for further attempts at the upside. Analysts at TD SEcurities explained that it’s been hard to have a strong view on EUR/CAD in the past few months. "The cross has rejected breaks of either side of 1.40/1.45 in Q4 and although our broadly negative bias in the cross is reflected in the fact that the EUR once again dipped below 1.40 in the past few days, we are not convinced there is anything more going on here than a choppy range trade".
The analysts highlighted the importance of this current range and said, "Last Thursday’s “hammer”-like session suggests that a short-term low may be in and the daily DMI oscillator reading is pancake-flat...A clear and sustained break above 1.45 or below 1.40 is needed to boost the directional bias of this market".
The pair is stalling here with resistance at 1.4160 but supply is thin and demand is putting the pair back onto the bid for further attempts at the upside. Analysts at TD SEcurities explained that it’s been hard to have a strong view on EUR/CAD in the past few months. "The cross has rejected breaks of either side of 1.40/1.45 in Q4 and although our broadly negative bias in the cross is reflected in the fact that the EUR once again dipped below 1.40 in the past few days, we are not convinced there is anything more going on here than a choppy range trade".
The analysts highlighted the importance of this current range and said, "Last Thursday’s “hammer”-like session suggests that a short-term low may be in and the daily DMI oscillator reading is pancake-flat...A clear and sustained break above 1.45 or below 1.40 is needed to boost the directional bias of this market".