26 Nov 2013
EUR/CAD’s rally stalling?
FXstreet.com (London) - EUR/CAD’s rally has stalled slightly above the 1.43 level again.
Strategists at TD Securities said the pair has left a bearish “doji” candle on the daily chart. “The cross has come back better supported today but the market is currently holding in an “inside range” formation. This keeps the near-term tone of the charts more neutral than anything, no new highs but no follow-through selling interest either”. Further more, they explained that trend momentum remains positive for the EUR and the market is respecting the broader, bullish trend channel. “But the cross also looks quite extended (overbought) on some of the longer-term oscillators and may struggle to gain more topside traction for now”.
EUR/CAD Levels
The 20 DMA is 1.4135, the 50 DMA is 1.4075 and the 200 DMA is 1.3645. Supports are ascending from 1.4165, 1.4200 and 1.4250. Spot is currently 1.4306 while resistances are 1.4330, 1.4355, 1.4375 and 1.4440.
Strategists at TD Securities said the pair has left a bearish “doji” candle on the daily chart. “The cross has come back better supported today but the market is currently holding in an “inside range” formation. This keeps the near-term tone of the charts more neutral than anything, no new highs but no follow-through selling interest either”. Further more, they explained that trend momentum remains positive for the EUR and the market is respecting the broader, bullish trend channel. “But the cross also looks quite extended (overbought) on some of the longer-term oscillators and may struggle to gain more topside traction for now”.
EUR/CAD Levels
The 20 DMA is 1.4135, the 50 DMA is 1.4075 and the 200 DMA is 1.3645. Supports are ascending from 1.4165, 1.4200 and 1.4250. Spot is currently 1.4306 while resistances are 1.4330, 1.4355, 1.4375 and 1.4440.