10 Dec 2013
EUR/CAD running out of steam?
FXstreet.com (London) - EUR/CAD is suffering from exhaustion and has been drifting lower away from tough resistance.
Strategists at TD Securities said that the EUR/CAD may start running into a little more obvious resistance in the mid/upper 1.46s near-term. “A “doji” candle yesterday suggests some indecision creeping into the market even though that signal has not generated any follow through selling so far today. The cross does look over-extended and trend momentum may be nearing a peak. But there is precious little evidence to suggest that the market is poised to turn lower in a serious way any time soon. There is still a chance that the rally extends towards the 1.48 area before a more obvious turn unfolds”.
EUR/CAD Levels
The 20 DMA is 1.4300, the 50 DMA is 1.4190 and the 200 DMA is 1.3695. RSI (14) reads 82.38. Supports are ascending from 1.4370, 1.4420, 1.4445 and 1.4490. Spot is 1.4590 while resistances are 1.4625, 1.4665, 1.4740, 1.4775 and 1.4815.
Strategists at TD Securities said that the EUR/CAD may start running into a little more obvious resistance in the mid/upper 1.46s near-term. “A “doji” candle yesterday suggests some indecision creeping into the market even though that signal has not generated any follow through selling so far today. The cross does look over-extended and trend momentum may be nearing a peak. But there is precious little evidence to suggest that the market is poised to turn lower in a serious way any time soon. There is still a chance that the rally extends towards the 1.48 area before a more obvious turn unfolds”.
EUR/CAD Levels
The 20 DMA is 1.4300, the 50 DMA is 1.4190 and the 200 DMA is 1.3695. RSI (14) reads 82.38. Supports are ascending from 1.4370, 1.4420, 1.4445 and 1.4490. Spot is 1.4590 while resistances are 1.4625, 1.4665, 1.4740, 1.4775 and 1.4815.