18 Feb 2015
EUR/CAD: Breakout on the horizon?
FXStreet (Guatemala) - EUR/CAD is currently trading 1.4110 with a high of 1.4180 and low of 1.4105.
EUR/CAD is consolidated of the down side and continues to move within the limitations of the sideways channel formed this week. There has been little news from the EZ or Canada today, albeit on going headlines in respect of the Greek crisis where latest chatter suggests a deal will be struck at the 11th hour, but uncertainty is rife and weighs on the euro for the time being.
Analysts at TD Securities explained that the cross is effectively sitting mid-range amid weak—and declining—trend indicators which supports the impression of a random walk range trade for the next few days at least. "No strong views here in the short run though we are inclined to look for better selling opportunities in the longer run. We think 1.44/1.45 is firm medium-term resistance and that longer-term signals favour a push back to the mid (possibly low) 1.3s in the next few months."
EUR/CAD is consolidated of the down side and continues to move within the limitations of the sideways channel formed this week. There has been little news from the EZ or Canada today, albeit on going headlines in respect of the Greek crisis where latest chatter suggests a deal will be struck at the 11th hour, but uncertainty is rife and weighs on the euro for the time being.
Analysts at TD Securities explained that the cross is effectively sitting mid-range amid weak—and declining—trend indicators which supports the impression of a random walk range trade for the next few days at least. "No strong views here in the short run though we are inclined to look for better selling opportunities in the longer run. We think 1.44/1.45 is firm medium-term resistance and that longer-term signals favour a push back to the mid (possibly low) 1.3s in the next few months."