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4 May 2015
EUR/CAD: Sticking with a bullish outlook
FXStreet (Guatemala) - EUR/CAD is currently at 1.3515 and trading with a high of 1.3640 and a low of 1.3484.
EUR/CAD is tailing off as the euro drops back from weekly highs while oil is strong and funds threatens to break below the 1.21 handle again post the minor recovery from 1.1947. However, Analysts at TD Securities suggested that the pair does come with a bullish scenario longer term.
"Longer-term charts suggest a major low may have formed through April but we also spot strong, long-term resistance above the market in the 1.37/1.38 range which will likely cap near-term gains. It may be a broad and choppy range trade for the cross for the next few weeks. "
The price made a "rounded" bottom in April trade, and the analysts at TD Securities would expect some choppiness now and a filling back to 1.33 in the next couple of weeks, but remained bullish and said that the steady accumulation of EUR/CAD on weakness through April and the market’s acceleration higher through resistance in the 1.3350 area late in the month suggests that broader risks here are biased higher.
EUR/CAD is tailing off as the euro drops back from weekly highs while oil is strong and funds threatens to break below the 1.21 handle again post the minor recovery from 1.1947. However, Analysts at TD Securities suggested that the pair does come with a bullish scenario longer term.
"Longer-term charts suggest a major low may have formed through April but we also spot strong, long-term resistance above the market in the 1.37/1.38 range which will likely cap near-term gains. It may be a broad and choppy range trade for the cross for the next few weeks. "
The price made a "rounded" bottom in April trade, and the analysts at TD Securities would expect some choppiness now and a filling back to 1.33 in the next couple of weeks, but remained bullish and said that the steady accumulation of EUR/CAD on weakness through April and the market’s acceleration higher through resistance in the 1.3350 area late in the month suggests that broader risks here are biased higher.