6 Apr 2015
EUR/CAD points to consolidation prior to a decline – TDS
FXStreet (Edinburgh) - According to FX Strategists at TD Securities, the cross could attempt a consolidative pattern ahead of another leg lower.
Key Quotes
“EURCAD is displaying some mixed signals; the cross popped higher again late last week off of support near 1.36 area is effectively retesting strong resistance (former range base) at 1.3760/65 again this morning)”.
“The broader trade here is negative after the early 2015 decline in the EUR and the current pattern of trade suggests a consolidation (bear wedge) ahead of another push lower”.
“The intraday trend looks constructive though and while longer-term trend studies are bearish, the lack of alignment across the shorty, medium and long-term studies suggests more a range trade environment at the moment”.
“Trends may not clear up unless or until the EUR moves above (roughly) 1.39 or below 1.35”.
Key Quotes
“EURCAD is displaying some mixed signals; the cross popped higher again late last week off of support near 1.36 area is effectively retesting strong resistance (former range base) at 1.3760/65 again this morning)”.
“The broader trade here is negative after the early 2015 decline in the EUR and the current pattern of trade suggests a consolidation (bear wedge) ahead of another push lower”.
“The intraday trend looks constructive though and while longer-term trend studies are bearish, the lack of alignment across the shorty, medium and long-term studies suggests more a range trade environment at the moment”.
“Trends may not clear up unless or until the EUR moves above (roughly) 1.39 or below 1.35”.