EUR/CAD: Weekly price action looks potentially negative - Scotiabank

EUR/CAD’s turn lower from the 200-day MA looks more definitive today, according to Scotiabank analysts, that note next support point is a big figure or so lower still at 1.4410

Key Quotes

“Bearish intraday price action yesterday developed into a fully-fledged reversal on the daily chart (bearish key reversal) through the close of trade. The cross has slipped back to a little below the 1.4530/35 (high/low support point) intraday to embellish the turn lower from the 200-day MA which capped the cross in May. The next support point is a big figure or so lower still at 1.4410 (former trend resistance, now support).”

“Short-term trend momentum has turned bearish and the daily oscillator signal is weakening. Weekly price action looks potentially negative (contingent on a low weekly close). More broadly, rejection in the upper 1.47 area (again) suggests a return to the lower end of the range in place since April (1.41/1.42).”