30 Jan 2015
EUR/CAD consolidates ahead of key levels
FXStreet (Guatemala) - EUR/CAD is trading at 1.4383 with a high of 1.4493 and a low of 1.4277 and up 0.70% on the day.
EUR/CAD is consolidating the move to the upside this week and analysts at TD Securities said that it is poised to test our theory that a sustained push through the 1.45 area—pivotal for the cross in the past few months and near where the 200-day MA (1.4409) currently resides—is unlikely. "Short-term momentum looks a little more constructive but the longer-term measures of trend strength are neutral; we rather look for more range trading in the cross near-term."
EUR/CAD, onwards and upwards
The analysts at TD Securities added, that in the event of a more pronounced rise in the cross, the EUR may test 1.4650/1.4750 before easing back. "We are non-committal here from a technical point of view mainly because range breaks—either side—have failed miserably in the recent past oscillator signals are not broadly aligned in the way that we like for a high conviction call."
EUR/CAD is consolidating the move to the upside this week and analysts at TD Securities said that it is poised to test our theory that a sustained push through the 1.45 area—pivotal for the cross in the past few months and near where the 200-day MA (1.4409) currently resides—is unlikely. "Short-term momentum looks a little more constructive but the longer-term measures of trend strength are neutral; we rather look for more range trading in the cross near-term."
EUR/CAD, onwards and upwards
The analysts at TD Securities added, that in the event of a more pronounced rise in the cross, the EUR may test 1.4650/1.4750 before easing back. "We are non-committal here from a technical point of view mainly because range breaks—either side—have failed miserably in the recent past oscillator signals are not broadly aligned in the way that we like for a high conviction call."