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7 Jan 2014
EUR/CAD’s bullish performance
FXstreet.com (London) - EUR/CAD has been one of the best performers on the session.
Strategists at TD Securities explained that EURCAD’s recovery has taken back about half of last week’s sell off already this week. “The broader trend higher remains intact but the rally did hit a big technical roadblock with last week’s reversal from 1.48+ levels and short-term momentum has weakened considerably this week. The bounce from the mid 1.44 area (38.2% of the Nov/Dec rally and 28-day MA) ought not extend that much more if last week’s weekly bear reversal signal is to remain an influence on near-term price swings. Losses should extend below 1.4450 towards 1.41/1.42”.
EUR/CAD Levels
The 20 DMA is 1.4590, the 50 DMA is 1.4380, and the 200 DMA is 1.3820. RSI (14) reads 37.80. Supports are ascending from 1.4240, 1.4300, 1.4330, 1.4370, 1.4425, 1.4535. Spot is 1.4628 with resistances at 1.4660 and 1.4775.
Strategists at TD Securities explained that EURCAD’s recovery has taken back about half of last week’s sell off already this week. “The broader trend higher remains intact but the rally did hit a big technical roadblock with last week’s reversal from 1.48+ levels and short-term momentum has weakened considerably this week. The bounce from the mid 1.44 area (38.2% of the Nov/Dec rally and 28-day MA) ought not extend that much more if last week’s weekly bear reversal signal is to remain an influence on near-term price swings. Losses should extend below 1.4450 towards 1.41/1.42”.
EUR/CAD Levels
The 20 DMA is 1.4590, the 50 DMA is 1.4380, and the 200 DMA is 1.3820. RSI (14) reads 37.80. Supports are ascending from 1.4240, 1.4300, 1.4330, 1.4370, 1.4425, 1.4535. Spot is 1.4628 with resistances at 1.4660 and 1.4775.