12 Jul 2013
Flash: Broad-based EUR/CAD outlook on horizon – TD Securities
FXstreet.com (New York) - According to the TD Securities Team, “Market volatility has shaken up the crosses, however it is not yet clear that much – or anything has changed in terms of the short-term direction of the EUR/CAD.”
The big rebound yesterday in EUR/CAD has been followed by a huge “doji” candle signal (stuck right between the 28– and 40-day MAs) so far today – the big tails and little change in the open/current rates imply a high degree of uncertainty descending over the market now.
“The broader picture of a medium-term top/reversal forming through late June around 1.37/1.38 remains the salient feature of the weekly chart so we stick with the broader bearish/corrective view while the late June high remains intact.” the team adds.
The big rebound yesterday in EUR/CAD has been followed by a huge “doji” candle signal (stuck right between the 28– and 40-day MAs) so far today – the big tails and little change in the open/current rates imply a high degree of uncertainty descending over the market now.
“The broader picture of a medium-term top/reversal forming through late June around 1.37/1.38 remains the salient feature of the weekly chart so we stick with the broader bearish/corrective view while the late June high remains intact.” the team adds.