FXStreet (Guatemala) – EUR/CAD is currently trading at 1.3875 with a high of 1.3880 and a low of 1.3743.
EUR/CAD has been drifting to the downside at the end of this week but has managed a rebound that takes the cross up above the descending resistance line and on towards the 1.39 handle. EUR/USD is supporting the cross with a bullish attempt to close the week in positive territory, seeking the 1.13 handle out. Oil has started to consolidate below $60 while bears are pressuring the 1.23 handle in USD/CAD.
EUR/CAD making significant developments
Analysts at TD Securities noted and explained that daily closes have ratcheted lower after Monday’s sharp rebound, supporting their view that, despite the pop in price at the start of the week, the turn lower from above the 200- day MA in the previous week was the more significant technical development.
(Market News Provided by FXstreet)