10 Mar 2015
EUR/CAD: Momentum on the bears side
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.3567 with a high of 1.3692 and a low of 1.3512.
EUR/CAD’s downtrend has been gaining momentum, although the cross has found support at 1.3510/30 on a minor recovery from the supply at the 1.37 handle.
Analysts at TD Securities explained that they have favoured a downside resolution to the extended sideways range trade between 1.39/1.45 for some time and the sustained weakness below the early 2015 low, along with the strengthening in bear trend momentum signals across a range of timeframes, suggests the likelihood of more immediate losses ahead. "We had targeted a drop to the 1.32/1.35 range but that may prove conservative. Look for strong resistance now at 1.3750/60. "
EUR/CAD’s downtrend has been gaining momentum, although the cross has found support at 1.3510/30 on a minor recovery from the supply at the 1.37 handle.
Analysts at TD Securities explained that they have favoured a downside resolution to the extended sideways range trade between 1.39/1.45 for some time and the sustained weakness below the early 2015 low, along with the strengthening in bear trend momentum signals across a range of timeframes, suggests the likelihood of more immediate losses ahead. "We had targeted a drop to the 1.32/1.35 range but that may prove conservative. Look for strong resistance now at 1.3750/60. "