18 Jul 2013
Flash: EUR/CAD to resume lower levels – TD Securities
FXstreet.com (London) - Shaun Osborne, Chief FX Strategist at TD Securities see a risk for the pair EUR/CAD to slip back to the 1.35’s.
Key Quotes:
“EUR/CAD has slipped back a little more obviously so far today after the market’s recent struggles to stay in touch with the 1.3700/05 resistance area”.
Short-term (hourly) patterns look negative, with the EUR moving below the 1.3630 area at writing, the intervening low between two tests of the 1.37 area earlier this week—a minor double top trigger, in other words”.
The clear risk from this signal that that the market slips back to the mid 1.35s in the next 24 hours or so
“We think EUR/CAD peaked from a medium-term point of view in late June/early July and still has to give back a sizeable portion of the May/June rally. We are bearish while the June peak of 1.3812 remains intact”.
Key Quotes:
“EUR/CAD has slipped back a little more obviously so far today after the market’s recent struggles to stay in touch with the 1.3700/05 resistance area”.
Short-term (hourly) patterns look negative, with the EUR moving below the 1.3630 area at writing, the intervening low between two tests of the 1.37 area earlier this week—a minor double top trigger, in other words”.
The clear risk from this signal that that the market slips back to the mid 1.35s in the next 24 hours or so
“We think EUR/CAD peaked from a medium-term point of view in late June/early July and still has to give back a sizeable portion of the May/June rally. We are bearish while the June peak of 1.3812 remains intact”.