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23 Dec 2014
EUR/CAD stuck in familiar ranges - TDS
FXStreet (Guatemala) - Analysts at TD Securities noted how the EUR/CAD may remain in familiar ranges for now.
EUR/CAD’s rally failed on a couple of key scores last week; firstly, the EUR push higher stalled against the 200-day MA and secondly, net looses on the week put in a very convincing bearish weekly reversal signal (“dark cloud cover”). Over the past month, the cross has rejected a break below 1.40 and a push above 1.45”.
“Weak, short-term trend momentum implies indecisive, range-trading may prevail for a little longer here as the market gets bogged down in a zone of congestion on the long-term charts”.
“We are neutral here for the moment but the indecision around the 1.40/1.42 range over the past few months tips the balance of risks slightly more towards the 2014 trend decline in the cross stabilizing from here”.
EUR/CAD’s rally failed on a couple of key scores last week; firstly, the EUR push higher stalled against the 200-day MA and secondly, net looses on the week put in a very convincing bearish weekly reversal signal (“dark cloud cover”). Over the past month, the cross has rejected a break below 1.40 and a push above 1.45”.
“Weak, short-term trend momentum implies indecisive, range-trading may prevail for a little longer here as the market gets bogged down in a zone of congestion on the long-term charts”.
“We are neutral here for the moment but the indecision around the 1.40/1.42 range over the past few months tips the balance of risks slightly more towards the 2014 trend decline in the cross stabilizing from here”.