5 Dec 2014
EUR/CAD a fade on gains - TDS
FXStreet (Guatemala) - Analysts at TD Securities note a bearish picture surrounding EUR/CAD.
“EUR/CAD gains extended a little more than we expected yesterday but the push through short-term resistance at 1.4100/05 was not sustained”.
“The daily candle still looks quite impressive—an outside range day—and might limit near-term bear pressure on the cross but we do not think it signals impending strength”.
“We still think the technical bias is geared towards a push to 1.35/1.38 and we still rather favour looking for opportunities to sell—fading gains to the low/mid 1.42s against trend resistance at 1.4325 currently, for example”.
“EUR/CAD gains extended a little more than we expected yesterday but the push through short-term resistance at 1.4100/05 was not sustained”.
“The daily candle still looks quite impressive—an outside range day—and might limit near-term bear pressure on the cross but we do not think it signals impending strength”.
“We still think the technical bias is geared towards a push to 1.35/1.38 and we still rather favour looking for opportunities to sell—fading gains to the low/mid 1.42s against trend resistance at 1.4325 currently, for example”.