27 Jun 2014
EUR/CAD targets drop to the mid 1.44 - TDS
FXStreet (Bali) - EUR/CAD targets a drop to the mid 1.44 area, notes Shaun Osborne, Chief FX Strategist at TD Securities.
Key Quotes
"EURCAD’s weak technical backdrop is delivering a little more obvious downside progress, with new cycle lows below 1.46. We have been bearish on the outlook for the cross since the May break below H&S neckline support around 1.51 (which targets a drop to the mid 1.44 area as the measured move objective)."
"The EUR looks somewhat oversold here but trend momentum here is bearishly aligned across all short, medium and longer-term studies, suggesting little or no scope for a meaningful rebound at this point. We look for resistance in the low/mid 1.46 area from here."
Key Quotes
"EURCAD’s weak technical backdrop is delivering a little more obvious downside progress, with new cycle lows below 1.46. We have been bearish on the outlook for the cross since the May break below H&S neckline support around 1.51 (which targets a drop to the mid 1.44 area as the measured move objective)."
"The EUR looks somewhat oversold here but trend momentum here is bearishly aligned across all short, medium and longer-term studies, suggesting little or no scope for a meaningful rebound at this point. We look for resistance in the low/mid 1.46 area from here."