5 Mar 2015
EURCAD: Broader, bearish outlook sustained - TDS
FXStreet (Bali) - Shaun Osborne, Chief FX Strategist at TD Securities, notes that EURCAD’s move to marginal new cycle lows sustains the broader, bearish outlook.
Key Quotes
"A more definitive move to new lows would solidify the bear view but we think the bearish alignment of trend momentum oscillators (across the short, medium andvlong-term charts) currently implies little or no chance of a bounce in the EUR and ongoing pressure on the downside."
"The sideways range over the past few months has been well-defined by resistance in the 1.44/1.45 zone (reaffirmed by the strong rejectio0n of the 200-day MA late in February) while support has been a little looser in definition below 1.40."
"Nevertheless, we think price action and oscillators combined point to more weakness towards 1.32/1.35 ahead. Look to fade minor gains."
Key Quotes
"A more definitive move to new lows would solidify the bear view but we think the bearish alignment of trend momentum oscillators (across the short, medium andvlong-term charts) currently implies little or no chance of a bounce in the EUR and ongoing pressure on the downside."
"The sideways range over the past few months has been well-defined by resistance in the 1.44/1.45 zone (reaffirmed by the strong rejectio0n of the 200-day MA late in February) while support has been a little looser in definition below 1.40."
"Nevertheless, we think price action and oscillators combined point to more weakness towards 1.32/1.35 ahead. Look to fade minor gains."