Filed Under:
Forex pairs in this Article » EUR/CAD
FXstreet.com (Barcelona) - The tight range the EURCAD has been under doesn't give much near term clues for direction, but TD Securities analysts see a tendency towards the more negative in the longer run. "Firstly, the pattern of trade on the daily chart still hints at a topa potential Head & Shoulders reversal with the neckline at 1.2681", they wrote and added that "the double top at 1.30 remains intactEUR gains after the initial dip under the 1.28 neckline trigger have simply retested the breakdown", pointing to an implied target at the low 1.26 area. "Thirdly, weekly price action signaled a medium-term peak around the 1.30 point in late October (via an outside range week)", concluded the TD Securities analysts, suggesting that there should be more back and filling of the August/October rally before the market can think about moving higher in the longer run.
comments powered by Disqus