EUR/CAD: Scope for further gains remains limited at the moment – Scotiabank
|EUR/CAD found firm support around 1.4150 last week. Nonetheless, upside scope remains limited, in the opinion of economists at Scotiabank.
Gains to 1.43/1.44 are the best the EUR/CAD will be able to muster
“The squeeze higher has checked the immediate downside risks for the cross but the broader undertone for the EUR remains weak and daily, weekly and monthly trend oscillators remain aligned bearishly for the EUR – suggesting that scope for EUR gains remains limited at the moment.”
“The bounce in the cross from the base of the recent range does suggest potential for a retest of the 1.46 zone – major resistance at 1.4615 – but we rather feel that gains to the 1.43/1.44 range are perhaps the best the EUR will be able to muster (given trend oscillators).”
“There is minor trend resistance at 1.4330 and more important channel resistance, formerly support, at 1.4405.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.