EUR/CAD slide reaches 2-year low
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EUR/CAD
FXstreet.com (San Francisco) - The EURCAD pairing continued to trend lower this Wednesday, having broken below support in the 1.2730 area to drop to its lowest point in two years at 1.2662, a price not seen since June 2010.
"We are wary of the potential for a short-term snap back in the cross but strong bear trend momentum evident on the longer-term charts (the DMI oscillator does not - yet - look especially strongly on the daily studies) implies to us that rebounds are liable to be shallow and short-lived," says TD Securities.
At the time of writing, EURCAD is quoted down 0.5% on the day at 1.2687 and down 1.5% so far this week. If the slide persists in the days ahead, immediate support lies at 1.2645 (18 May 2010 low), a break of which leaves scope to run till 1.2550 (21 June 2010 low). The upside offers support at 1.2727 (30 May low).
"We are wary of the potential for a short-term snap back in the cross but strong bear trend momentum evident on the longer-term charts (the DMI oscillator does not - yet - look especially strongly on the daily studies) implies to us that rebounds are liable to be shallow and short-lived," says TD Securities.
At the time of writing, EURCAD is quoted down 0.5% on the day at 1.2687 and down 1.5% so far this week. If the slide persists in the days ahead, immediate support lies at 1.2645 (18 May 2010 low), a break of which leaves scope to run till 1.2550 (21 June 2010 low). The upside offers support at 1.2727 (30 May low).
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