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28 Nov 2013
EUR/CAD attempting territory in the 1.44 handle
FXstreet.com (London) - EUR/CAD is within reach of the October peak and the broader trend higher remains constructive according to strategists at TD Securities.
“After the early November chop around the low 1.41 area, the EUR has regained a lot of positive short-term traction at least. The strength of the reversal from the 1.44 area last month suggests that this should be a zone of strong resistance. However, a clear extension higher, a risk as we move into December given the EUR’s tendency to rally into the end of the year, would put the cross on course for a quick move up to the low 1.46 area”.
EUR/CAD Levels
The 20 DMA is 1.4130, the 50 DMA is 1.4100 and the 200 DMA is 1.3650. RSI (14) reads 61.00. Supports are ascending from 1.4165, 1.4200, 1.4230, 1.4300 and 1.4375. Spot is 1.4400 while resistances are 1.4440, 1.4580, 1.4665 and 1.4740.
“After the early November chop around the low 1.41 area, the EUR has regained a lot of positive short-term traction at least. The strength of the reversal from the 1.44 area last month suggests that this should be a zone of strong resistance. However, a clear extension higher, a risk as we move into December given the EUR’s tendency to rally into the end of the year, would put the cross on course for a quick move up to the low 1.46 area”.
EUR/CAD Levels
The 20 DMA is 1.4130, the 50 DMA is 1.4100 and the 200 DMA is 1.3650. RSI (14) reads 61.00. Supports are ascending from 1.4165, 1.4200, 1.4230, 1.4300 and 1.4375. Spot is 1.4400 while resistances are 1.4440, 1.4580, 1.4665 and 1.4740.