11 May 2015
EUR/CAD: Trading with bullish bias, higher highs and lows
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.3501 with a high of 1.3572 and a low of 1.3458.
We are seeing a higher low and higher high formation on the hourly sticks while the Greek debt scenario comes back at the forefront of the market's focus, albeit with little progress but an air of pessimism over the forthcoming deadlines of payments to the IMF. While, in Canada, we have a number of releases in housing data and manufacturing sales.
EUR/CAD: Stay bullish
Technically, analysts at TD Securities explained that the broader set-up on the cross is potentially constructive though, with the daily chart also suggesting the cross may be around 2/3 of the way through forming a bullish inverse H&S low (neckline 1.3760, effectively). "If so, and for the sake of the symmetry that often characterizes these sorts of patterns, we look for nearterm weakness to base in the upper 1.33s as the right-hand shoulder develops. Stay bullish."
We are seeing a higher low and higher high formation on the hourly sticks while the Greek debt scenario comes back at the forefront of the market's focus, albeit with little progress but an air of pessimism over the forthcoming deadlines of payments to the IMF. While, in Canada, we have a number of releases in housing data and manufacturing sales.
EUR/CAD: Stay bullish
Technically, analysts at TD Securities explained that the broader set-up on the cross is potentially constructive though, with the daily chart also suggesting the cross may be around 2/3 of the way through forming a bullish inverse H&S low (neckline 1.3760, effectively). "If so, and for the sake of the symmetry that often characterizes these sorts of patterns, we look for nearterm weakness to base in the upper 1.33s as the right-hand shoulder develops. Stay bullish."