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12 Mar 2015
EUR/CAD: Momentum favouring weakness - TDS
FXStreet (Guatemala) - Analysts at TD Securities are favouring the downside in EUR/CAD.
Key Quotes:
"EUR/CAD’s performance through the balance of the week might well determine whether the cross continues to slide sharply or whether the mid-1.34 area (recall this is long-term, 61.8% retracement support derived from the 1.21/1.56 rally) provides a rallying point for the EUR in the next few weeks."
"The narrow, intraday range so far has some potential reversal qualities about it but, all else remaining equal, a positive session tomorrow is really needed to add to the corrective pressure (perhaps only to 1.38/1.39)."
"The broader trend here is resolutely bearish and trend momentum really favours continued weakness at this point (rather than a bounce). Any rebound is likely to be relatively shallow and short-lived, we think."
Key Quotes:
"EUR/CAD’s performance through the balance of the week might well determine whether the cross continues to slide sharply or whether the mid-1.34 area (recall this is long-term, 61.8% retracement support derived from the 1.21/1.56 rally) provides a rallying point for the EUR in the next few weeks."
"The narrow, intraday range so far has some potential reversal qualities about it but, all else remaining equal, a positive session tomorrow is really needed to add to the corrective pressure (perhaps only to 1.38/1.39)."
"The broader trend here is resolutely bearish and trend momentum really favours continued weakness at this point (rather than a bounce). Any rebound is likely to be relatively shallow and short-lived, we think."