13 Dec 2013
EUR/CAD losing momentum with a sharp fall
FXstreet.com (London) - EUR/CAD has slid into the 1.45 handle from 1.4640 and marking a low of 1.4566.
Strategists at TD Securities said the EUR/CAD is losing momentum. “Still, while the rally flattens out, there are no obvious signs of a reversal. We would note that yesterday’s session saw an outside range day higher; we have remarked before that bullish price signals after an extended run higher (and bearish signals after an extended run lower) sometimes reflect a buying (selling) climax. After a 6 big figure rally with no sort of correction at all, a drop back of some sort would not surprise, especially as the cross is bumping up against bull channel ceiling resistance. Overall, though, the trend up remains well entrenched so a persistent decline is needed to signal a top. We still think the 1.48 area might offer better, medium-term resistance”.
EUR/CAD Levels
The 20 DMA is 1.4380, the 50 DMA is 1.4225 and the 200 DMA is 1.3710. RSI (14) reads 43.14. Supports are ascending from 1.4420, 1.4445, 1.4490 and 1.4545. Spot is 1.4572 while resistances are 1.4740, 1.4775, 1.4815 and 1.4840.
Strategists at TD Securities said the EUR/CAD is losing momentum. “Still, while the rally flattens out, there are no obvious signs of a reversal. We would note that yesterday’s session saw an outside range day higher; we have remarked before that bullish price signals after an extended run higher (and bearish signals after an extended run lower) sometimes reflect a buying (selling) climax. After a 6 big figure rally with no sort of correction at all, a drop back of some sort would not surprise, especially as the cross is bumping up against bull channel ceiling resistance. Overall, though, the trend up remains well entrenched so a persistent decline is needed to signal a top. We still think the 1.48 area might offer better, medium-term resistance”.
EUR/CAD Levels
The 20 DMA is 1.4380, the 50 DMA is 1.4225 and the 200 DMA is 1.3710. RSI (14) reads 43.14. Supports are ascending from 1.4420, 1.4445, 1.4490 and 1.4545. Spot is 1.4572 while resistances are 1.4740, 1.4775, 1.4815 and 1.4840.