15 Oct 2013
EUR/CAD weakness to continue?
FXstreet.com (London) - EUR/CAD has made a small rebound after hitting lows on the extended drift lower from above the 1.41 handle.
Research teams at TD Securities said that EUR/CAD weakness below short-term support at 1.4066 today supports our recent contention that the cross is at risk of dropping back from major resistance at 1.4125. “While the EUR has enjoyed the support of firm underlying trend signals over the past month, we have doubted the market’s ability to extend significantly beyond the 1.41 area where the EUR peaked in August”.
EUR/CAD Levels
The 20 DMA is 1.3970, the 50 DMA is 1.3895 and the 200 DMA is 1.3525. RSI (14) reads 32.23. Supports are ascending from 1.3840, 1.3890 and 1.3945. Spot is currently 1.3987 while resistances are 1.4035, 1.4125, 1.4175 and 1.4195.
EUR/CAD Price Action
Research teams at TD Securities said, “Price action has signalled a loss of momentum in the past week and the break of short-term support today puts the near-term focus on the low 1.39 area, where the 28– and 40-day MAs converge. More broadly, the failure to crack 1.4125 may signal a broader top in formation (possible double top, neckline at 1.3650)”.
Research teams at TD Securities said that EUR/CAD weakness below short-term support at 1.4066 today supports our recent contention that the cross is at risk of dropping back from major resistance at 1.4125. “While the EUR has enjoyed the support of firm underlying trend signals over the past month, we have doubted the market’s ability to extend significantly beyond the 1.41 area where the EUR peaked in August”.
EUR/CAD Levels
The 20 DMA is 1.3970, the 50 DMA is 1.3895 and the 200 DMA is 1.3525. RSI (14) reads 32.23. Supports are ascending from 1.3840, 1.3890 and 1.3945. Spot is currently 1.3987 while resistances are 1.4035, 1.4125, 1.4175 and 1.4195.
EUR/CAD Price Action
Research teams at TD Securities said, “Price action has signalled a loss of momentum in the past week and the break of short-term support today puts the near-term focus on the low 1.39 area, where the 28– and 40-day MAs converge. More broadly, the failure to crack 1.4125 may signal a broader top in formation (possible double top, neckline at 1.3650)”.