FXStreet (Guatemala) – EUR/CAD is currently trading at 1.3828 with a high of 1.3911 and a low of 1.3794.
EUR/CAD upside has run in to a brick wall with the Greek negotiations still a mile away from a conclusion as talks will need continue although Tsipras is still confident and convinced that a deal will be done to over the crisis. Meanwhile, oil is lower but remains within the two month range and markets are focussing more attention to macro events while we await what the Iranian sanction outcomes over the next month or so.
EUR/CAD negative weekly signals
Analysts at TD Securities explained that EUR/CAD’s rebound from last Wednesday looks technically constructive (bullish ‘”piercing line” candle off of key support) and maintains price above the neckline of the noted inverse Head & Shoulder low/reversal.
“This formation implies upside risk to the low 1.46 area in the next 3-6 months. We are a little more constructive on the technical outlook but stress again that trend momentum studies are equivocal (mixed across a range of timeframes) and note that weekly price signals are potentially negative for the current week. We are cautiously bullish above 1.3760.”
(Market News Provided by FXstreet)