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9 Dec 2014
EUR/CAD held up at 1.42 handle as EUR drops
FXStreet (Guatemala) - EUR/CAD is trading at 1.4166, up 0.22% on the day, having posted a daily high at 1.4201 and low at 1.4124.
With a drop in EUR/USD through 1.2400, EUR/CAD has pulled back from the 142 handle and is steady changing hands between there and the lower end of the shirt term range down to 1.4160. The Canadian dollar has dropped back a cent with broad dollar weakness in the currency markets while there is growing speculation around the theme of an Fed on hold for a considerable time.
However, that said, this may be only a temporary come back as analysts at TD Securities explained, “Lower oil prices and wider interest rate spreads remain powerful supportive elements for USD/CAD”. With spot trading at 1.4167, we can see next resistance ahead at 1.4186 (Daily Classic R1), 1.4201 (Daily High), 1.4220 (Weekly Classic R1) and 1.4238 (Daily Classic R2).
With a drop in EUR/USD through 1.2400, EUR/CAD has pulled back from the 142 handle and is steady changing hands between there and the lower end of the shirt term range down to 1.4160. The Canadian dollar has dropped back a cent with broad dollar weakness in the currency markets while there is growing speculation around the theme of an Fed on hold for a considerable time.
However, that said, this may be only a temporary come back as analysts at TD Securities explained, “Lower oil prices and wider interest rate spreads remain powerful supportive elements for USD/CAD”. With spot trading at 1.4167, we can see next resistance ahead at 1.4186 (Daily Classic R1), 1.4201 (Daily High), 1.4220 (Weekly Classic R1) and 1.4238 (Daily Classic R2).