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21 Apr 2015
EUR/CAD looking to dip below 1.30 levels – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities, see further downside potential for EUR/CAD while the pair remains below 1.3150, and further anticipate a move below 1.30 in the next few weeks.
Key Quotes
“We noted the positive price action in EURCAD after last week’s rebound from the low 1.3000s but we also cautioned that, despite the strongly positive price signal (bullish key reversal day on Friday) any bounce in the cross would likely struggle against the strength of the underlying trend lower. That warning looks more relevant this morning as the cross is drifting lower to 1.31, more than a big figure off Friday’s high.”
“Intraday, we look for more downside pressure on the cross while the market remains below 1.3150.”
“We think the broader bear trend is liable to carry the cross to sub-1.30 levels in the next few weeks.”
Key Quotes
“We noted the positive price action in EURCAD after last week’s rebound from the low 1.3000s but we also cautioned that, despite the strongly positive price signal (bullish key reversal day on Friday) any bounce in the cross would likely struggle against the strength of the underlying trend lower. That warning looks more relevant this morning as the cross is drifting lower to 1.31, more than a big figure off Friday’s high.”
“Intraday, we look for more downside pressure on the cross while the market remains below 1.3150.”
“We think the broader bear trend is liable to carry the cross to sub-1.30 levels in the next few weeks.”