FXStreet (Guatemala) – Analysts at TD Securities explained that EUR/CAD looked weak yesterday, while support in the 1.3760/00 area had been very resilient.
Key Quotes:
“It remains so and while the support zone holds (essentially price is retesting the neckline trigger for an inverse Head & Shoulder low/ reversal which implies upside risk to the low 1.46 area in the next 3-6 months), we lean a little more constructively towards the outlook (even if conviction is low).”
“Trend momentum is the missing element that would bolster confidence in a rally though; studies are mixed across as range of timeframes and the early June rejection of trend resistance rather suggests the broader downtrend prevails for now. We might need to push (and hold) above 1.40 to really get some serious topside traction.”
(Market News Provided by FXstreet)