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21 Apr 2015
EUR/CAD bulls get a little extra on top through 1.32 handle
FXStreet (Guatemala) - EUR/CAD is currently trading at 1.3204 with a high of 1.3209 and a low of 1.3057.
EUR/CAD is strong, with scores through the 1.32 handle and way off aforementioned lows now. There is little rhyme nor reason but follow through on the strong euro today, now breaking the 1.0750 resistance. However, Analysts at TD Securities explained that despite the positive price action in EUR/CAD after last week’s rebound from the low 1.3000s they also cautioned that any bounce in the cross would likely struggle against the strength of the underlying trend lower.
Technically, the move through the 1.3150 mark is significant but still, the cross remains in bearish territory while below 1.3250, as being the base of recent consolidation and a double bounce zone. The analysts at TD Securities explained that they think the broader bear trend is liable to carry the cross to sub-1.30 levels in the next few weeks.
EUR/CAD is strong, with scores through the 1.32 handle and way off aforementioned lows now. There is little rhyme nor reason but follow through on the strong euro today, now breaking the 1.0750 resistance. However, Analysts at TD Securities explained that despite the positive price action in EUR/CAD after last week’s rebound from the low 1.3000s they also cautioned that any bounce in the cross would likely struggle against the strength of the underlying trend lower.
Technically, the move through the 1.3150 mark is significant but still, the cross remains in bearish territory while below 1.3250, as being the base of recent consolidation and a double bounce zone. The analysts at TD Securities explained that they think the broader bear trend is liable to carry the cross to sub-1.30 levels in the next few weeks.