5 Dec 2013
EUR/CAD higher highs
FXstreet.com (London) - EUR/CAD is making new highs and pushing towards 1.4600. Although the pair has pulled back to 1.4545 from the high of 1.4613.
Strategists at TD Securities said, “A sustained push up through 1.4650 would point to an acceleration in the bull run to 1.4750/1.48 while rejection and a turn lower targets a drop back to the 1.42 area. We’ve recognized the underlying strength of the rally here in the last few weeks but we’ve also struggled with the sustainability issue as the cross looks over-extended on the long-term studies at its highest point since early 2010. Near-term trends favour more gains”.
EUR/CAD Levels
The 20 DMA is 1.4220, the 50 DMA is 1.4155 and the 200 DMA is 1.3675. RSI (14) reads 53.91. Supports are ascending from 1.4300, 1.4330, 1.4360, 1.4420 and 1.4510. Spot is 1.4545 and resistances are 1.4580, 1.4665, 1.4740 and 1.4775.
Strategists at TD Securities said, “A sustained push up through 1.4650 would point to an acceleration in the bull run to 1.4750/1.48 while rejection and a turn lower targets a drop back to the 1.42 area. We’ve recognized the underlying strength of the rally here in the last few weeks but we’ve also struggled with the sustainability issue as the cross looks over-extended on the long-term studies at its highest point since early 2010. Near-term trends favour more gains”.
EUR/CAD Levels
The 20 DMA is 1.4220, the 50 DMA is 1.4155 and the 200 DMA is 1.3675. RSI (14) reads 53.91. Supports are ascending from 1.4300, 1.4330, 1.4360, 1.4420 and 1.4510. Spot is 1.4545 and resistances are 1.4580, 1.4665, 1.4740 and 1.4775.