13 Feb 2015
EUR/CAD: Trodden down into a bearish close
FXStreet (Guatemala) - EUR/CAD has settled into a tight range and steady into the closing hours of the week around the 1.42 handle after a final bout of supply in earlier trade vs strong resistance.
Analysts at TD Securities noted headwinds from the 200-day MA (1.4363) and the solid-looking range ceiling of the past few months between 1.44/1.45 above there. "Slack trend momentum supports the impression of a range trade still underway here. We rather look for the cross to ease back to the lower range boundary in the next few weeks from here. Directionally, we are neutral between 1.45/1.38 but we still rather think the overall (long-term) picture favours more weakness in the months ahead."
Moving into the week ahead, eyes are on the ECB minutes, although prior to this event, markets will be focused aroundMondays Eurogroup meeting and we may get some leaks of details coming through over the weekend.
Analysts at TD Securities noted headwinds from the 200-day MA (1.4363) and the solid-looking range ceiling of the past few months between 1.44/1.45 above there. "Slack trend momentum supports the impression of a range trade still underway here. We rather look for the cross to ease back to the lower range boundary in the next few weeks from here. Directionally, we are neutral between 1.45/1.38 but we still rather think the overall (long-term) picture favours more weakness in the months ahead."
Moving into the week ahead, eyes are on the ECB minutes, although prior to this event, markets will be focused aroundMondays Eurogroup meeting and we may get some leaks of details coming through over the weekend.