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EUR/CAD pressures remain to the downside


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FXStreet (Guatemala) – EUR/CAD is currently trading at 1.4525 with a high of 1.4350 and a low of 1.4215.

Despite the rally in the EUR/USD on the Greek news, EUR/CAD attempts to the upside for ground on the 1.43 handle continue to fail. Oil is supporting a stronger CAD and the greenback is giving back ground across the board and see’s USD/CAD down 350 pips since the start of this week alone, dragging the cross lower with it.


Analysts at TD Securities explained that the bearish short-term price action around the 1.45 level yesterday suggests to us that a fairly firm cap remains in place on the cross around the top of the range in place in the past few months. “We still rather think the broader risks here are tilted somewhat lower in the longer run but the real directional signal will likely come in the form of a sustained push above the 1.45 level of below 1.39/1.40 and it may not be obvious that we have seen either until well after the fact. Short-term trend momentum is bullish but the longer-term studies are flatter, favouring more range trading for now, we think.”