8 Apr 2015
EUR/CAD downside remains vulnerable
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.3533 with a high of 1.3551 and a low of 1.3462.
EUR/CAD has found a bounce with weakness in the price of oil back below $52 and USD/CAD rallying up on to the 1.25 handle. EUR/USD as been better offered below the pivot in late European trade but is starting to recover with a minor bounce from the lows just below the 1.08 handle as we progress through the US shift.
Technically, analysts at TD Securities explained that the EUR/CAD looks weaker and more obviously vulnerable to an extension of the recent track lower this morning. "After a number of rejections of resistance in the upper 1.37 area (the latest via a bearish outside range session Monday), loss of support (bear wedge base) at 1.36 and the break under short-term support at 1.3530 (double top neckline), we look for EURCAD to drop to 1.33 (at least) fairly quickly."
EUR/CAD has found a bounce with weakness in the price of oil back below $52 and USD/CAD rallying up on to the 1.25 handle. EUR/USD as been better offered below the pivot in late European trade but is starting to recover with a minor bounce from the lows just below the 1.08 handle as we progress through the US shift.
Technically, analysts at TD Securities explained that the EUR/CAD looks weaker and more obviously vulnerable to an extension of the recent track lower this morning. "After a number of rejections of resistance in the upper 1.37 area (the latest via a bearish outside range session Monday), loss of support (bear wedge base) at 1.36 and the break under short-term support at 1.3530 (double top neckline), we look for EURCAD to drop to 1.33 (at least) fairly quickly."