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17 Dec 2013
EUR/CAD testing the highs
FXstreet.com (London) - EUR/CAD has run up 50 pips of gains from 1.4560 support until todays high of 1.4615. The pair is currently challenging the 1.46 handle to the upside and oscillates at 1.4607/10.
Strategists at TD Securities noted that the EURCAD’s November/December rally is running out of gas. “The rise from the floor of the bull channel in place over the past few months through to the ceiling has run its course. The broader orientation of the trend is still higher (there is no sign of a major turn or reversal in this market at this stage) but a correction back to the low 1.44 area, perhaps ought not surprise at
this stage.
EUR/CAD Levels
The 20 DMA is 1.4425, the 50 DMA is 1.4250 and the 200 DMA is 1.3725. RSI (14) reads 59.71. Supports are ascending from 1.4370, 1.4420, 1.4445, 1.4490 and 1.4575. Spot is 1.4608 and resistances are 1.4665, 1.4740, 1.4775 and 1.4815.
Strategists at TD Securities noted that the EURCAD’s November/December rally is running out of gas. “The rise from the floor of the bull channel in place over the past few months through to the ceiling has run its course. The broader orientation of the trend is still higher (there is no sign of a major turn or reversal in this market at this stage) but a correction back to the low 1.44 area, perhaps ought not surprise at
this stage.
EUR/CAD Levels
The 20 DMA is 1.4425, the 50 DMA is 1.4250 and the 200 DMA is 1.3725. RSI (14) reads 59.71. Supports are ascending from 1.4370, 1.4420, 1.4445, 1.4490 and 1.4575. Spot is 1.4608 and resistances are 1.4665, 1.4740, 1.4775 and 1.4815.