AdrianRaymondFX

EUR/CAD testing trend line resistance

FX:EURCAD   Euro Fx/Canadian Dollar
This is something that I just spotted that merits a bit of attention today. The CAD has of course been weak given the recent rate cut by the Bank of Canada on top of the fall in oil             prices. Meanwhile the euro             is holding well with renewed capital inflows into Eurozone equities markets plus the Greek vote that just went through. Technicals don't necessarily point to a downside risk at this point, but I'd be a little cautious below 1.43. There is easily room for a pullback to the 1.40 level, but let's wait to see at least how things shape up this afternoon (and with the daily close tonight).
If anyone wants to short this pair at current levels, I think a stop above 1.4310 should be good. Target would be at 1.40.
+1 Reply
Stopped out. Not on my game today.
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