Forex Flash: We remain bearish on EUR/CAD – TD Securites
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EUR/CAD
FXstreet.com (San Francisco) - EURCAD has so far this Tuesday traded a broad range between 1.2390 and 1.2501, last at 1.2430 vs. 1.2450 overnight. To the upside lies the 9-day EMA which is attracting offers, helping to keep rallies limited.
Regarding yesterday's price action: "The lower low, higher high and higher close combined with the narrow real body on the daily candle formation combine to form a powerful reversal signal (key reversal/hammer)," observes TD Securities.
However, "We have noted before that trend momentum is overwhelmingly bearish here across a range of timeframes," says TD. "It will take a much stronger turnaround in this market to convince us that the bear trend is petering out. We remain bearish."
Regarding yesterday's price action: "The lower low, higher high and higher close combined with the narrow real body on the daily candle formation combine to form a powerful reversal signal (key reversal/hammer)," observes TD Securities.
However, "We have noted before that trend momentum is overwhelmingly bearish here across a range of timeframes," says TD. "It will take a much stronger turnaround in this market to convince us that the bear trend is petering out. We remain bearish."
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