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20 Sep 2013
EUR/CAD a shooting star?
FXstreet.com (London) - EUR/CAD has been consolidating a in a constructive formation with high lows throughout todays session for the end of the week.
EUR/CAD is however showing signs of topping out according to research teams at TD Securities. “We are still leaning bearish here”. The risk for the pair lies over the weekend with the German elections coming up and the week ahead has a series of data that the market will be keenly focussing upon. Meanwhile, BoC CPI fell in line with expectations.
EUR/CAD toppy?
TD Securities research teams said that they remain bearish. “EUR/CAD is showing signs of topping out (possible “shooting star” top) around the same area as the early August peak, about where we expected the market to struggle. A drop back from here would point to an increasingly well-defined (symmetrical) Head & Shoulders bear reversal signal (neckline 1.3641, break would signal a drop to the 1.31 area). EUR/CAD has made it back through short/medium term moving average resistance but trend support-turned resistance continues to cap”.
EUR/CAD is however showing signs of topping out according to research teams at TD Securities. “We are still leaning bearish here”. The risk for the pair lies over the weekend with the German elections coming up and the week ahead has a series of data that the market will be keenly focussing upon. Meanwhile, BoC CPI fell in line with expectations.
EUR/CAD toppy?
TD Securities research teams said that they remain bearish. “EUR/CAD is showing signs of topping out (possible “shooting star” top) around the same area as the early August peak, about where we expected the market to struggle. A drop back from here would point to an increasingly well-defined (symmetrical) Head & Shoulders bear reversal signal (neckline 1.3641, break would signal a drop to the 1.31 area). EUR/CAD has made it back through short/medium term moving average resistance but trend support-turned resistance continues to cap”.