Apr 17, 2013
Forex Flash: EUR/CAD minor corrections to remain limited to low 1.33 area – TD Securities
FXstreet.com (Barcelona) - TD Securities analysts observe that short-term patterns look somewhat less constructive for the cross now after this week’s set-back for the bullish scenario and decent selling above 1.35. “Overall, we still think the main directional risk here is higher. Strong rejections of the 1.30 area on the short and medium term charts plus an inverse (bullish) H&S formation (neckline triggered in the low 1.33s) and the move above the 40-day MA all point higher for the EUR in the near-to-medium term”, wrote analysts Shaun Osborne and Greg Moore, seeing positive short-term trend momentum for the EUR, “so we rather look for minor corrections to remain limited to the low 1.33 area (neckline retest)”.