4 Dec 2013
EUR/CAD for 1.5000?
FXstreet.com (London) - EUR/CAD climbed a big figure as the BoC left rates on hold at 1.00% and the pair is through technical levels to the upside opening up eye's for 1.5000, perhaps?
Strategists at TD Securities had said that EUR/CAD short-term patterns look negative, with a previous minor double top at the 1.4512 highs that would have targeted a drop back to the upper 1.43s near-term, providing the market remains below 1.4512. With the pair now through this barrier, the market eye’s 1.5000. However, the TD Securities strategists said “…the broader trend signals here are constructive but the EUR looks quite rich up here to us”.
EUR/CAD Levels
The 20 DMA is 1.4175, the 50 DMA is 1.4130 and the 200 DMA is 1.3665. RSI (14) reads 65.75. Supports are ascending from 1.4240, 1.4290, 1.4330, 1.4370 and 1.4460. Spot is 1.4537 with a high if 1.4553. Resistances are 1.4580, 1.4665 and 1.4740.
Strategists at TD Securities had said that EUR/CAD short-term patterns look negative, with a previous minor double top at the 1.4512 highs that would have targeted a drop back to the upper 1.43s near-term, providing the market remains below 1.4512. With the pair now through this barrier, the market eye’s 1.5000. However, the TD Securities strategists said “…the broader trend signals here are constructive but the EUR looks quite rich up here to us”.
EUR/CAD Levels
The 20 DMA is 1.4175, the 50 DMA is 1.4130 and the 200 DMA is 1.3665. RSI (14) reads 65.75. Supports are ascending from 1.4240, 1.4290, 1.4330, 1.4370 and 1.4460. Spot is 1.4537 with a high if 1.4553. Resistances are 1.4580, 1.4665 and 1.4740.