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27 Jan 2015
EUR/CAD a fade in the weeks ahead
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.4085 with a high of 1.4148 and a low of 1.4009 and is up 0.33% on the day.
EUR/CAD is oscillating around the 1.41 handle as the demand for the euro is coming in, with the greenback giving up some ground after a series of disappointing data releases of late. The most recent disappointment came in the form of a big miss in Durable Goods, and that allowed the Canadian dollar some room to finally breath, taking funds below the 1.24 handle for the first time this week.
Analysts at TD Securities explained that the EUR/CAD’s technical trend remains flat on the daily chart; the market is blocked between 1.40/1.45 (roughly) and trend momentum remains weak—to the point that little more non-directional, range trading should be expected in the near-term. "The EUR bounce from sub-1.40 levels this week suggests the risk of a push back to the 1.44/45 area near-term still (price action posted a bullish rise, a daily “piercing line” yesterday). Overall, however, we would still prefer to look to fade EUR rallies in the weeks ahead. We still rather think the trend, such as it is, points to a push back to 1.35 (or lower)."
EUR/CAD is oscillating around the 1.41 handle as the demand for the euro is coming in, with the greenback giving up some ground after a series of disappointing data releases of late. The most recent disappointment came in the form of a big miss in Durable Goods, and that allowed the Canadian dollar some room to finally breath, taking funds below the 1.24 handle for the first time this week.
Analysts at TD Securities explained that the EUR/CAD’s technical trend remains flat on the daily chart; the market is blocked between 1.40/1.45 (roughly) and trend momentum remains weak—to the point that little more non-directional, range trading should be expected in the near-term. "The EUR bounce from sub-1.40 levels this week suggests the risk of a push back to the 1.44/45 area near-term still (price action posted a bullish rise, a daily “piercing line” yesterday). Overall, however, we would still prefer to look to fade EUR rallies in the weeks ahead. We still rather think the trend, such as it is, points to a push back to 1.35 (or lower)."