EUR/CAD needs to hold the April low at 1.3390 to avoid further losses – Scotiabank
|EUR/CAD is soft after failing – again – in the mid-1.37s. A break under the April low at 1.3390 will add to downside pressure, economists at Scotiabank report.
Trend momentum signals are aligned bearishly for the EUR
“Trend momentum signals are aligned bearishly for the EUR and have picked up over the past week, suggesting that the slide is liable to have another good look at key support at 1.3390/95 at least before this move lower is complete.”
“A break under the base of the sideways range that has held for the past few weeks would suggest another, significant lurch lower for the cross towards the 1.30 area (note the 2015 low at 1.3025).”
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