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EUR/CAD turning aggressive to the downside – TDS

FXStreet (Guatemala) - Analysts at TD Securities noted the conditions from a technical point of view around the EUR/CAD.

Key Quotes:

“We noted yesterday that EUR/CAD’s rally risked stalling—momentum was not picking up and short-term price signals suggested the rally was peaking; those views proved prescient as the cross has turned lower—quite aggressively so, from a technical point of view—from the 1.42 resistance zone so far today”.

“A weak close—near current levels or lower—would

suggest a firm short-term cap on the cross at least and signal renewed pressure on the 1.40 area”.

“We remain negative on the longer-term outlook her and think the cross will test 1.35/1.38 in the next few months”.

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