FXstreet.com (San Francisco) - The EUR/CAD is trading a choppy range between 1.2215 and 1.2285 and around a declining 9-day EMA this Tuesday. Also, the 38.2% Fibonacci retracement level of the 1.2443/1.2159 decline is attracting bears, keeping upside rallies limited.
According to TD Securities, a “test remains in the low 1.23 area (trend channel and 21-day MA) and we rather think that 1.2450 is still the level to beat to signal a deeper rebound.”
TD adds: “As it is, oscillator studies show a sustained bear trend remains in place across a range of time frames and so we still rather think this cross remains a sell on rallies.” EUR/CAD last trades at 1.2225 vs.1.2236 late Monday.
According to TD Securities, a “test remains in the low 1.23 area (trend channel and 21-day MA) and we rather think that 1.2450 is still the level to beat to signal a deeper rebound.”
TD adds: “As it is, oscillator studies show a sustained bear trend remains in place across a range of time frames and so we still rather think this cross remains a sell on rallies.” EUR/CAD last trades at 1.2225 vs.1.2236 late Monday.
