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20 Apr 2015
EUR/CAD slows up post minor recovery on to 1.31 handle
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.3135 with a high of 1.3232 and a low of 1.3101.
EUR/CAD has been range bound of 50 pips with supply from the off that was a move below the 1.31 handle to aforementioned lows before a minor recovery back on to the handle and in to a sideways drift and consolidation. However, analysts at TD Securities noted that the broader trend dynamic remains powerfully negative.
"We look for strong resistance towards 1.3400/1.3550 from here and rather think near-term rebounds provide an opportunity for EUR sellers to add to, or initiate, positions. Longer-term, we look for sub-1.30 levels for the cross."
The analysts also noted, from a fundamental perspective around the loonie, that the upcoming Q1 earnings announcements over this week and next, could serve as a reminder to the market that we are not out of the woods yet. "Second round effects from the oil shock could turn up should earnings and investment intentions significantly disappoint."
EUR/CAD has been range bound of 50 pips with supply from the off that was a move below the 1.31 handle to aforementioned lows before a minor recovery back on to the handle and in to a sideways drift and consolidation. However, analysts at TD Securities noted that the broader trend dynamic remains powerfully negative.
"We look for strong resistance towards 1.3400/1.3550 from here and rather think near-term rebounds provide an opportunity for EUR sellers to add to, or initiate, positions. Longer-term, we look for sub-1.30 levels for the cross."
The analysts also noted, from a fundamental perspective around the loonie, that the upcoming Q1 earnings announcements over this week and next, could serve as a reminder to the market that we are not out of the woods yet. "Second round effects from the oil shock could turn up should earnings and investment intentions significantly disappoint."