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16 Dec 2013
EUR/CAD losing the bullish bias?
FXstreet.com (London) - EUR/CAD has moved back to battle again at lower levels ahead of breaking the 1.4560 support earlier in the session. However, the pair has managed to find demand again, taking the pair back into the supporting zone on a spike on the half hour stick.
Strategists at TD Securities said, “EUR/CAD continues to show signs of waning bullish momentum, right around the bull channel ceiling. Losses extended a
little more through the end of last week and price signals continue to reflect a heightened state of indecision in this market. Price trends are not obviously bearish at this point but downside risks are perhaps increasing after the extended run up in the cross from sub-1.40 levels in the past few weeks. We think intraday weakness below 1.4545/50 should see near-term corrective weakness extend after a couple of failed tests of the 1.4660 zone. This should trigger a drop back to the low/mid 1.44s”.
EUR/CAD Levels
The 20 DMA is 1.4400, the 50 DMA is 1.4240 and the 200 DMA is 1.3720. RSI (14) reads 62.92. Supports are ascending from 1.4370, 1.4420, 1.4445, 1.4490, 1.4560. Spot is 1.4560 while resistances are 1.4665, 1.4740, 1.4775 and 1.4815.
Strategists at TD Securities said, “EUR/CAD continues to show signs of waning bullish momentum, right around the bull channel ceiling. Losses extended a
little more through the end of last week and price signals continue to reflect a heightened state of indecision in this market. Price trends are not obviously bearish at this point but downside risks are perhaps increasing after the extended run up in the cross from sub-1.40 levels in the past few weeks. We think intraday weakness below 1.4545/50 should see near-term corrective weakness extend after a couple of failed tests of the 1.4660 zone. This should trigger a drop back to the low/mid 1.44s”.
EUR/CAD Levels
The 20 DMA is 1.4400, the 50 DMA is 1.4240 and the 200 DMA is 1.3720. RSI (14) reads 62.92. Supports are ascending from 1.4370, 1.4420, 1.4445, 1.4490, 1.4560. Spot is 1.4560 while resistances are 1.4665, 1.4740, 1.4775 and 1.4815.