EUR/CAD tested last line of defence ahead of a return to the 1.55/1.56 range - Scotiabank
|Analysts at Scotiabank noted the moves in EUR/CAD today.
Key Quotes:
"The EUR is trading well through trend and the 100-day MA now (low/mid 1.52s) and was testing the 200-day MA effectively today (1.5360)."
"We see this as the last line of defence ahead of a return to the 1.55/1.56 range.
EUR gains are well-supported by short-term trend momentum signals."
"We have been leaning bearish here, expecting a retest of the 1.48/1.49 zone. A clear push through the 200- day MA will force a rethink on the near-term outlook from our perspective."
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.