Feb 20, 2013
Forex Flash: EUR/CAD with solid support on dips to the low/mid 1.35 area – TD Securities
TD Securities analysts notice the resumption of the upmove in the EUR/CAD “and a positive close today will support the impression of a sustainable bullish break out from the consolidation (flag) formation that built up over the turn of the month”. “Trend support is strong from shorter-term MAs and the DMI oscillator measures which are aligned across a range of timeframes here as well—this is a very bullish signal and implies limited downside potential and an ongoing grinding bid at least for EUR/CAD”, wrote analysts Shaun Osborne and Greg Moore, pointing to support at 1.3185 to maintain bulls in control and targeting the 1.40 area. “Expect solid support on dips to the low/mid 1.35 area now”, they added.