16 Dec 2014
EUR/CAD is racking up the technical positives
FXStreet (Guatemala) - Analysts at TD Securities noted the price action surrounding the EUR/CAD.
Key Quotes:
“We noted yesterday that price action suggested that the 9-month trend decline was moderating but the push through the 1.45 area over the past 24 hours shifts the balance of risks a little more decisively in the EUR’s favour”.
“In fact, the EUR has already reclaimed the 38.2% retracement of the 2014 decline (1.4537) this morning and, even with the cross easing back quite hard from the earlier high, looks set to progress towards the mid 1.47s from here”.
“This is a bit of a change of tune for us but making a higher high changes the complexion of the outlook for the market a fair bit”.
Key Quotes:
“We noted yesterday that price action suggested that the 9-month trend decline was moderating but the push through the 1.45 area over the past 24 hours shifts the balance of risks a little more decisively in the EUR’s favour”.
“In fact, the EUR has already reclaimed the 38.2% retracement of the 2014 decline (1.4537) this morning and, even with the cross easing back quite hard from the earlier high, looks set to progress towards the mid 1.47s from here”.
“This is a bit of a change of tune for us but making a higher high changes the complexion of the outlook for the market a fair bit”.