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Forex Flash: EUR/CAD targeting a drop to 1.2400/50 - TDS

By FXstreet.com,  July 04, 2012, 04:56:00 PM EDT

FXstreet.com (Barcelona) - The underlying trend lower in EUR/CAD remains on track, says the TD Securities Team, following the break into a fresh 2-year low last European session.

"We are wary of the potential for a short-term snap back in the cross but strong bear trend momentum evident on the longer-term charts implies to us that rebounds are liable to be shallow and short-lived" explains Greg Moore, FX Strategist and Shaun Osborne, Chief FX Strategist at TDS.

"After the recent pressure on the topside of the broad bear channel, we can now perhaps look for some renewed pressure on the downside in the weeks ahead. We remain long-term bears here and continue to target a drop to 1.2400/50 (potentially to 1.22) in the medium to longer-term. We spot minor resistance now at 1.2745/50. Key resistance is 1.2865/75 now" Greg and Shaun add.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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