6 May 2015
EUR/CAD: Longs favoured here - TDS
FXStreet (Guatemala) - Analysts at TD Securities offered a technical outlook for the EUR/CAD cross.
Key Quotes:
"We’ll keep an eye on the short-term EUR/CAD chart today; we noted yesterday that the intraday chart highlighted upside risks for the cross (the “rounded low” that formed through late April is consistent with steady accumulation, while the consolidation that has developed over the past few days is consistent with these sorts of formations)."
"It looks like a “cup & handle” low in formation, with the break out of the minor downward channel (bull flag) signaling the start of another push higher. Usually, these sorts of moves are impulsive."
"We continue to look for a retest of the 1.38 area after the recent stabilization in the cross. Favour longs from here."
Key Quotes:
"We’ll keep an eye on the short-term EUR/CAD chart today; we noted yesterday that the intraday chart highlighted upside risks for the cross (the “rounded low” that formed through late April is consistent with steady accumulation, while the consolidation that has developed over the past few days is consistent with these sorts of formations)."
"It looks like a “cup & handle” low in formation, with the break out of the minor downward channel (bull flag) signaling the start of another push higher. Usually, these sorts of moves are impulsive."
"We continue to look for a retest of the 1.38 area after the recent stabilization in the cross. Favour longs from here."