EUR/CAD: Range bound, tracing funds lower

FXStreet (Guatemala) – EUR/CAD is currently trading at 1.3620 with a high of 1.3674 and a low of 1.3567.

EUR/CAD is defending the downside on 1.36 the figure, catching a bounce there in to 1.3620’s post supply from 1.3660 again and offers good two way business on the US session, mixed on calls around Greece and a chop in the major, with EUR/USD trying to recover from below the 1.08 handle and on to 1.09 again and USD/CAD offered 70 pips lower from session highs.

Technically, 1.3440 has been supporting the sideways channel throughout the month and analysts at TD Securities noted that EUR/CAD remains trapped in a range; and said, “Price action so far this week suggests that the base of the range around 1.3390/00 is secure but, after five consecutive weeks or alternating gains and losses alongside weak trend momentum, there is little indication that the market is poised to move decisively above 1.38 or below 1.34 at the moment.”

“The set-up here remains potentially EUR-constructive, on the face of it, with the April rebound suggesting an important low is in on the cross from a medium-term point of view and the March/May price action still resembling an inverse Head & Shoulders low/reversal.”

EUR/CAD is currently trading at 1.3620 with a high of 1.3674 and a low of 1.3567.


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