EUR/CAD to resume downside soon

By Commerzbank

Commerzbank analysts are pointing to a downside resumption in the EUR/CAD soon: “The market has executed an ‘a-b-c’ correction which has failed at the 55 day ma at 1.3258 and the market looks set to resume its down move”, writes analyst Karen Jones.

On the downside, supports are at 1.3000 psychological level, ahead of 1.2876. After that comes 2011 low, at 1.2777, from where historical quotes follow: “Below 1.2876 lies the 2011 low at 1.2777 and then the 1985-2012 uptrend line at 1.2765 will be in sight”, says Jones, adding 1.2613 support to the picture.

Resistances for the EUR/CAD should be found at 1.3253 (Jan-high), 1.3258 (55-day MA) and 1.3398 (Sept-low).

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