FXstreet.com (San Francisco) - The Canadian dollar is making marginal new lows against its European counterpart this Thursday in North America, with EUR/CAD having retreated sharply from the 1.2445 resistance area this week to push below support at 1.2195, extending to an all-time low of 1.2170.
“After the double failure at 1.2450 in the past couple if weeks, the break of 1.2199 the double top neckline at 1.2199 targets a drop to 1.195, as we noted earlier in the week,” comments TD Securities.
TD adds: “We would prefer to see a clear break through support today but even if that does not occur, the technical writing is on the wall here and we would look for only limited upside potential before new lows are reached.”
EUR/CAD last trades around 1.2190, recording a 1 per cent loss at current levels, and poised to close lower for a fourth consecutive day.
“After the double failure at 1.2450 in the past couple if weeks, the break of 1.2199 the double top neckline at 1.2199 targets a drop to 1.195, as we noted earlier in the week,” comments TD Securities.
TD adds: “We would prefer to see a clear break through support today but even if that does not occur, the technical writing is on the wall here and we would look for only limited upside potential before new lows are reached.”
EUR/CAD last trades around 1.2190, recording a 1 per cent loss at current levels, and poised to close lower for a fourth consecutive day.
